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Rui Feng deposited $15000 in an account that pays 5.68% compound interest per year.Find the total amount in the account after 6 years if the interest is compounded (a)monthly,(b) half-yearly

Guest Mar 8, 2017
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FV=PV(1+i)^n

 

a) i = .0568/12 = .0047333 per period     periods = 6 yrs x 12 mos = 72

     FV = $ 21074.13

 

b) i = .0568/2 =.0284 per period              periods = 6 yrs x 2 = 12

     FV=  $ 20991.14

ElectricPavlov  Mar 8, 2017

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