Question

Suppose that $2000 is invested at a rate of 4%, compounded semiannually. Assuming that no withdrawals are made, find the total amount after 5 years. Do not round any intermediate computations, and round your answer to the nearest cent. ​

Answer 1

Answer:

Step-by-step explanation:

A = P(1+r/n)^ nt

A = 2000(1+.04/2)^(5*2)

A = $2000(1.02)^{10}$ = $2437.99