what princable invested today at 4.28% copmounded semi annually will amount to 3500$ in 9 years
what princable invested today at 4.28% copmounded semi annually will amount to 3500$ in 9 years
The PV of $3,500 @4.28% comp. semi-annually in 9 years' time is $2,390.80.
P.S. If you want the formula used, just let us know.
+130536 A = P ( 1 + r/m ) ^(t*m) where A = 3500, P = the amount originally invested, r = .0428 [the interest rate expressed as a decimal ], m = 2 [compoundings per year], and t is the number of years....so we have
3500 = P ( 1 + .0428/2)^(9 * 2)
3500 = P (1 + .0214)^(18) divide both sides by (1 + .0214)^(18)
P = about 2390.80
