Question

How much money should you invest now to have $7000 in 12 years if you invest the money at a rate of 9.5%, compounded semiannually?

Answer 1

use the A(t)=P(1-1/n)^nt

Answer 2

thanks

Answer 3

P=7000
r=9.5%
t=12

Answer 4

n=2

Answer 5

\[A=P(1-\frac{r}{n})^{nt}\]

Answer 6

you are solving for P, so A = 7000, not P

Answer 7

thanks