If $6700 is invested at 4.6% interest compounded semiannually, how much will the investment be worth in 15 years?

4.6% ann u a ll y → 2.3% se miann u a ll y se miann u a ll y → 30 t im es t h e in t eres t c a p i t a l i z a t i o n S u m = $6700 ⋅ ( 1 + 100 2.3 ​ ) 30 = $6700 ⋅ 1.02 3 30 ≈ $13253.90

Answered by kate200468 | 2024-06-10

The investment of $6700 at a 4.6% interest rate compounded semiannually will grow to approximately $13,685.49 after 15 years. This calculation is done using the compound interest formula. The process involves substituting the principal, rate, and time into the formula to find the total amount.
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Answered by kate200468 | 2024-10-25