Search
Ask a question
0

If $30400 is invested at an interest rate of 5 percent per year, compounded semi-annually, find the value of the investment after the given number of years.

Each answer should be correct to the nearest penny. 
 
5 Years:
 
10 Years:
 
15 Years:

1 Answer by Expert Tutors

Tutors, sign in to answer this question.
Robert J. | Certified High School AP Calculus and Physics TeacherCertified High School AP Calculus and Ph...
4.6 4.6 (13 lesson ratings) (13)
1
Check Marked as Best Answer
P(t) = 30400(1+.05/2)^(2t), where t is the number of years of investment.
P(5) = $38914.57
P(10) = $49813.94
P(15) = $63766.05