math,help

what formula do i have to use for this problems.

Problem #4
John Lee saving account has a balance of $2449.After 7years what will be the amount of interest be at 8% compounded semiannually?

Problem #5
Southewest Dry cleaners believes that it will need new equipment in 5 years the equipment will cost $26,000 what lump sum should be invested today at 8% compounded semiannually to yield $26,000?

4. $2449 x (1.04)^14 = $4240.88
(The account is increased by 8%/2 = 4%, 7X2 = 14 times)

5. X * (1.04)^10 = $26,000.
Solve for X

what are the names of the formulas you used for them....

also for #5 i tryied solving for x i ended up with 25998.5976

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    John Lee's savings account has a balance of $3427. After 9 months, what will the amount of interest be at 4.6% per year?

  2. Business Math

    Lee and Fred are elementary school teachers. Fred works for a charter school in Pacific Palisades, California, where class size reduction is a goal for 2013. Lee works for a noncharter school where funds do not allow for class

  3. Business Math

    Lee Holmes deposited $ 15,000 in a new savings account at 9% interest compounded semiannually, At the beginning of year 4, Lee deposites an additional $40000 at 9% interest compounded semiannually. At the end of the 6 years what

  4. math

    John Lee's savings account has a balance of $4494. After 3 years, what will the amount of interest be at 5% compounded semiannually?

  1. Math

    John took all his money from his savings account he spent 176 on a radio and 6/11 of what was left on presents for his friends of the remaining money john put 5/8 in checking account and 300 was left to charity how much did he

  2. finance management

    John Roberts has $42,180.53 in a brokerage account, and he plans to contribute an addtional $5,000.00 to the account at the end of the year. the brokerage account has an expected annual return of 12%. If John's goal is to

  3. math

    john told raquel that if he spent up to $30 from his saving account, his savings account would have 3/4 as much in it as it has now. From John's statement, raquel can deduce that the least amount of money that john could have in

  4. Finance

    5. John and Daphne are saving for their daughter Ellen's college education. Ellen just turned 10 (t=0), and she will be entering college 8 years from now (at t=8). College tution and expenses at State U. are currently $14,500 a

  1. algebra

    Suppose you have $55 in your account. You start saving $10 each week. Your friend has $20 in her account and is saving $15 each week. A) When will you and your friend have the same amount of money in your accounts? B) How much

  2. Math

    Suppose you deposit $2000 in an account with an annual interest rate of 7% compounded quarterly. Use the formula A=P(1+r/n)^n*t and round each answer to 2 decimal places, if necessary. a. Find an equation that gives the amount of

  3. math

    John took all his money out of his savings account. He spent $50 on a radio and 3/5 of what remained on presents. Half of what was left he put back in his checking account, and the remaining $35 he donated to charity. How much

  4. finance

    John Roberts has $42,180.53 in a brokerage account, and he plans to contribute an additional $5,000 to the account at the end of every year. The brokerage account has an expected annual return of 12 percent. If John’s goal is to

You can view more similar questions or ask a new question.