On July 30th, 2014, Joseph invested $14,000 in a fund that was growing at 6% compounded semi-annually.
a. Calculate the future value of the fund on March 21st, 2015?

Question

On July 30th, 2014, Joseph invested $14,000 in a fund that was growing at 6% compounded semi-annually.
a. Calculate the future value of the fund on March 21st, 2015?

anonymous · Answer

Please Help me

anonymous · Answer

So what happens when you have a percent of something?  You have just a part of it.  So to find how much more you have, you must find the amount it has grown and then add it to the start amount.

Namely, Multilply 6%(.06) to 14,000, then add it back.