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Interest word problem

label Algebra
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

Find the principal that must be invested at 3% interest compounded seminannualy to yield $2500 in 10 years

Oct 22nd, 2017

A = P ( 1 + r/n)^nt 

25000 = P ( 1 + 0.03 / 2^2*10)^2*10

2500 = P ( 1.015)^20

2500 = P ( 1.346855)

P = $1856.17

Apr 12th, 2015

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Oct 22nd, 2017
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Oct 22nd, 2017
Oct 22nd, 2017
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