The principal represents an amount of money deposited in a savings account subje

Question

The principal represents an amount of money deposited in a savings account subject to compared interest rate. Find how much money will be in the account after the given number of years (Assume 360 days in a much interest was earned. A = P(1 + r/n)^nt P = A/(1 + r/n)^nt A = Pe^rt Y = (1 + r/n)^n - 1  Principal: $8000 Rate: 4% Compounded: semiannually Time: 5 years amount in account: $11, 841.95; interest learned: $3841.95 amount in account: $9733.22; interest learned: $1733.22 amount in account: $8832.65; interest learned: $832.65 amount in account: $9751.96; interest learned: $1751.96

Explanation / Answer

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Given Principle (P) = 8000 $ Rate Of Interest (r) = 4 % Time Period (T) = 5 years Compounded (n) = 2 Formula Amount(A) = P (1 + r/n)^(nt) = 9751.95536 Interest = A - P = 1751.95536 $

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