Ask Question
19 June, 06:30

Sophie deposited money into an account in which interest is compounded semiannually at a rate of 3.2%. She made no other deposits or withdrawals and the total amount in her account after 7 years was $13,987.17.

+5
Answers (1)
  1. 19 June, 09:39
    0
    13987.17=p (1+0.032/2) ^2*7

    Solve for p

    P=13,987.17: ((1+0.032:2) ^ (14))

    P=11,199.99
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Sophie deposited money into an account in which interest is compounded semiannually at a rate of 3.2%. She made no other deposits or ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers