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.

Question

Each answer should be correct to the nearest penny. 

 

5 Years:

 

10 Years:

 

15 Years:

Answer 1

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