# exp of math

if john has a balance of 2195. after 3 years what will be the amount of the interest at 8%. compounded semiannually

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asked by nichole
1. Pt = Po(1+r)^n,

r = APR/2 = 8% / 2 = 4% = .04.
n = 2 comp/yr * 3yrs = 6 comp. periods.

Pt = 2195(1.04)^6 = \$2777.38.

Int. = 2777.38 - 2195 = \$552.38.

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posted by Henry

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