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OpenStudy (anonymous):
help please!! a 3500 principal earns 3% interest compounded semiannually after 20 years what is the balance of the account? I have never heard of semi annually before? not sure how to solve
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OpenStudy (anonymous):
semiannually just means twice a year. so your number of periods is 20 years * 2 = 40 periods
OpenStudy (anonymous):
It would be 7,700 in the end. A = P (1+rt) A = 3,500 (1+.03*40) = 7,700
OpenStudy (anonymous):
thankyou so much
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