Question

Sam deposits $21,500 into a Bank which pays 6 percent interest that is compounded semiannually, what will Sam have in his account at the end of 6 years?

Answer 1

twice a year.

Answer 2

We can use the following equations: \[A = P \left ( 1 + {r \over n} \right) ^ {nt}\] \(r = 0.06\) \(n = 2\) \(t = 6\)

Answer 3

the answer i got was $30,653.85 is that right?

Answer 4

Looks good to me.

Answer 5

I still cant get that answer. im really bad at math. i keep getting like 3 different answers over and over.

Answer 6

30653 is right.

Answer 7

i keep getting 51,344.25

Answer 8

ok. i was gettin 30653 and then i tried it a different way and got the other answer.

Answer 9

haha, whats an exponent.

Answer 10

no, really. whats an exponent.

Answer 11

The exponent is 12 luis.

Mohawksgirl. The answer of 30,653 you got is correct. Luis' technique is wrong.

Answer 12

ok, well can someone still tell me what an exponent is please lol

Answer 13

\(x^b\) b is the exponent.

Answer 14

oh.. ok. thank you.