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Question
P20,000 is invested for 15 years at 5% compounded semi-annually.
A. Give the value of each variable using the formula A= P(1+i)^n where i = r/k and n = kt
Answer #1 for Questions: P20,000 is invested for 15 years at 5% compounded semi-annually.
A. Give the value of each variable using the formula A= P(1+i)^n where i = r/k and n = kt
SOLUTION
P = 20 000
T = 15
K = 6 (semi annually)
r = 0.05
i = 0.05/6 = 5/600
n = 6(15) = 30
Now , Substituting the values to the Formula
[tex]A= P(1+i)^n \ A= 20 : 000(1+ {frac{5}{600} })^{30} \ A= 20 : 000( frac{600}{600} + frac{5}{600} )^{30} \ A= 20 : 000( frac{605}{600} )^{30} \ A= 20 : 000(1.282695963) \ A= 25 : 653.91927 \ boxed{A= 25 : 653.92}[/tex]
ANSWER
- The Future Amount is 25 653.92
- The compounded amount is 5653.92
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