aboatright7410
17.03.2020 •
Mathematics
A person invests 5500 dollars in a bank. The bank pays 4.5% interest compounded semi-annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 6900 dollars?
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Ответ:
Step-by-step explanation:
The formula for interest compounded periodically is
where
A = Accrued Amount
P = Principal Amount
r = annual interest rate as a decimal
n = number of payments per year
t = time in years
(a) Data
A = $6900
P = $5500
r = 0.045
n = 2
(b) Calculation
Ответ:
Maybe 0? I think I'm a bit late
Step-by-step explanation: