Jeanne Crawford had $9,675.95 deposited in an account paying 6 percent interest compounded semiannually. How much would she have in her account 2 years later? What is the compound interest?
1 Answer
May 2, 2017
After two years, Jeanne Crawford will have $12215.66 in her account.
Explanation:
The equation:
Final Money=
t is time period (4 for two years since interest due to each semiannual period) and I is initial (starting) Money, which is $9675.95
You can compute total Money after 4 semiannual periods and total compounded Money:
Final Money=
Final Money=
Total compounded money (after two years)=
