ABDULLAH:If $10,000 is invested at an interest rate of 2% per year, compounded semiannually, find the value of the investment after the given number of year. 4 year
Alan:ABDULLAH:If $10,000 is invested at an interest rate of 2% per year, compounded semiannually, find the value of the investment after the given number of year. 4 year
The formula for calculating compound interest is F = P(1 + r/n) nt where P is the amount invested ($10,000), r is the interest rate expressed as a fraction (0.02), n is the number of times compounded in a year (2), t is the number of years invested (4) and F is the future value (i.e. the amount the investment is worth after t years). Have a go at the calculation now you have this information.