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Mathematical Applications for the ...

12th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781337625340

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BuyFindarrow_forward

Mathematical Applications for the ...

12th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781337625340
Textbook Problem

What is the future value if $8600 is invested for 8 years at 10 % compounded semiannually?

To determine

To calculate: The future value of investment if $8600 invested at 10% for 8 years is compounded semiannually.

Explanation

Given Information:

The investment of $8600 invested at 10% for 8 years is compounded semiannually.

Formula used:

If investment =$P, nominal interest rate =r compounded m times per year such that total number of compounding periods is mt and time =t years, then the future value of the investment

S is given by

S=P(1+rm)mt

Calculation:

Consider the provided statement,

The investment of $8600 invested at 10% for 8 years is compounded semiannually.

Use the formula S=P(1+rm)mt and substitute 0

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