Use the compound interest formula, A(t) = P(1+r)??An account is opened with an initialy deposit...
90.2K
Verified Solution
Link Copied!
Question
Basic Math
Use the compound interest formula, A(t) = P(1+r)??An account is opened with an initialy deposit of $10,500 and earns 3.8% interest compounded semi-annually. Round all answers to the nearest dollar.a. What will the account be worth in 30 years? $?b. What if the interest were compounding monthly? $?c. What if the interest were compounded daily (assume 365 days in a year)? $?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
