i realy need help please.
$7840 is compounded semiannually at a rate of 8%. Find the total amount of compound interest earned at the end of 5 years. (The compound interest factor is 1.48024.)
2007-06-07 06:03:04 · 4 answers · asked by Is 2 in Science & Mathematics ➔ Mathematics
Amt = prin (1 + i)^n
Where is n = number of periods and
i = corresponding interest rate
i = 0.08/2
n = 10
Amt = 7840 (1 + 0.08/2)^10
The compound interest factor is 1.4802443
Amt = $11,605.12
Interest earned = $11,605.12 - $7,840.00
Interest earned = $3,765.12
.
2007-06-07 06:11:50 · answer #1 · answered by Robert L 7 · 0⤊ 0⤋
7840 ( 1 + (.08 / 2))^(5*2)
7840 ( 1.04)^10
7840 (1.48024) = 11,605.12
2007-06-07 06:13:30 · answer #2 · answered by Brian D 5 · 0⤊ 0⤋
take 7,840 times 8% divided by 2 then add that (313.60) to 7,840 and you get 8,153.60 then multiply by 8% divided by 2 add to 8153.60 do this 8 more times
2007-06-07 06:12:43 · answer #3 · answered by Marty B 2 · 0⤊ 0⤋
I can't even understand what you are saying
2007-06-07 06:11:58 · answer #4 · answered by mchupp13 1 · 0⤊ 0⤋