MarillaC519508 MarillaC519508
  • 26-10-2022
  • Mathematics
contestada

$30,000 bond with 6% interest compounded semiannually , how much money after 18 years? Round the answer to the nearest cent.

Respuesta :

SumedhaF699041 SumedhaF699041
  • 26-10-2022

Given:

Principal amount $30000.

Rate = 6%

Number of years = 18.

The amount after 18 years is calculated as,

[tex]\begin{gathered} A=P(1+\frac{R}{100})^{nt} \\ P=30000 \\ R=6 \\ n=2\text{ ( Compunded semiannually)} \\ t=18 \\ A=30000(1+\frac{6}{2\times100})^{2\times18} \\ A=30000(1.03)^{36} \\ A=86948.35 \end{gathered}[/tex]

Answer: The total amount is $86948.35

Answer Link

Otras preguntas

A train that is 1 mile long starts through a tunnel that is also 1mile long . The train is traveling 15 miles per hour. How long does it take for the train to g
Alg 1 Given the following perfect square trinomial, fill in the missing term. x2 − 16x + ____
what is the multiplicative identity of the complex number –3 + 5i
What is 1000000 + 80900000 and then in it simplest form?
When a number is a multiple of 6, what are the possible values for the ones digits?
About 85% of people who live in Africa live __________.
What are the six types of propaganda
a metal bar weighs 8.15 ounces. 93% of the bar is silver. how many ounces of silver are in the bar
which has brighter colors, a male wild turkey or a female wild turkey?
450 is 75.2% of what number