+3454 This seems like a compound interest formula! :D
Anyway, just follow the equation through with the order of operations.
5000(1 + 0.06/2)^(2*5)
5000(1+.03)^10
5000(1.03)^10
5000(1.3439163793441219)
6719.5815
round down
6719.58
By the way, this is a good resource for checking compound interest problems: http://www.moneychimp.com/calculator/compound_interest_calculator.htm
+3454 This seems like a compound interest formula! :D
Anyway, just follow the equation through with the order of operations.
5000(1 + 0.06/2)^(2*5)
5000(1+.03)^10
5000(1.03)^10
5000(1.3439163793441219)
6719.5815
round down
6719.58
By the way, this is a good resource for checking compound interest problems: http://www.moneychimp.com/calculator/compound_interest_calculator.htm
