alex deposits $4000 in a saving account that pays 5% interest,compounded semiannually. what is his balance after one year?

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lulimanzanet lulimanzanet

15-11-2017
Mathematics

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alex deposits $4000 in a saving account that pays 5% interest,compounded semiannually. what is his balance after one year?

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Aliwohaish12 Aliwohaish12 · Answer 1 · 2017-11-15T16:34:32+01:00

Aliwohaish12 Aliwohaish12

15-11-2017

The formula is
A=p (1+r/k)^kt
A future value?
P present value 4000
R interest rate 0.05
K compounded semiannual 2
T time 1 year
A=4,000×(1+0.05÷2)^(2×1)
A=4,202.5

Hope it helps!

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