4.) Aneisha deposited $7,000 into an account paying 3.5% interest compounded semi-annually. If she leaves her money in the account for four years what would be her account BALANCE? (Balance – initial investment plus interest)
4.) Aneisha deposited $7,000 into an account paying 3.5% interest compounded semi-annually. If she leaves her money in the account for four years what would be her account BALANCE? (Balance – initial investment plus interest)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
Related questions
Question
100%
Looking for steps on how to solve it using:
y=p(1+r/n)^nt
Transcribed Image Text:4.) Aneisha deposited $7,000 into an account paying 3.5% interest compounded semi-annually. If
she leaves her money in the account for four years what would be her account BALANCE?
(Balance – initial investment plus interest)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning