At age 10, a person deposits $365 in a savings account paying 2% interest compounded semiannually. How much money will be in the account 65 years later, when he is 75 years old? Would his savings have doubled in that time?
At age 10, a person deposits $365 in a savings account paying 2% interest compounded semiannually. How much money will be in the account 65 years later, when he is 75 years old? Would his savings have doubled in that time?
At 75 the person's $365 should have have grown to $1,330.67 @ 2% comp. semi-annually.
