Question

Asked Mar 25, 2019

Delany wants $15,000 saved in 2 years to make a down payment on a house. How much money should she invest now at 7.7% compounded semiannually in order to meet her goal?

Step 1

*Compound Interest formula*

If *P* is the principal amount, *r* is the annual rate of interest, *t* is the number of years the amount is deposited, *n* is the number of times the interest is compounded per year and *A* is the amount of money accumulated after *n* years, including interest, then,

Step 2

Here, *A* = $15,000, *t* = 2 years, *r* = 7.7%, *n* =2.

Compute the value of *P* using the compound interest formula...

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