a company deposits 3700 a month into an account that earns 9% interacest compounded semi annually...

a company deposits 3700 a month into an account that earns 9% interacest compounded semi annually how much money will the company have accumulated in 6 years assume no interperiod compunding

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Expert Solution

In this case r= 0.09 n=2 t=6

So the compound amount is

A(t)= p (1 + r/n)^tn

_{=3700 (1+.09/2)⁽²⁾⁽⁶⁾}

=5275.32

ekkarill92 answered 2 years ago

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