I keep getting different answers every time =(
the problem is : henry wants to put his money in a bank of cash he get 6% interest, compound semi- annually he deposit 1,000
how much will he get in one year????? and in 3 years??????
using this formula A=P(1+r/n)^nt
please walk me through it ( step by step )
thank you ill really appreciated
the problem is : henry wants to put his money in a bank of cash he get 6% interest, compound semi- annually he deposit 1,000
how much will he get in one year????? and in 3 years??????
using this formula A=P(1+r/n)^nt
please walk me through it ( step by step )
thank you ill really appreciated
-
FV = 1000*(1 + 0.06/2)^2
FV = $1,060.90, one year
FV = 1000*(1 + 0.06/2)^6
FV = $1,194.05, three years
FV = $1,060.90, one year
FV = 1000*(1 + 0.06/2)^6
FV = $1,194.05, three years
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Note that Henry is depositing semi-annually, so he is depositing twice a year (hence "semi") and n = 2.
He initially deposits $1000, making A = 1000, and he deposits at a rate of 6% = 0.06, so r = 0.06. The value of t is the time in years, so t = 1 will give you the amount after 1 year and t = 3 will give you the amount of 3 years.
Can you continue?
He initially deposits $1000, making A = 1000, and he deposits at a rate of 6% = 0.06, so r = 0.06. The value of t is the time in years, so t = 1 will give you the amount after 1 year and t = 3 will give you the amount of 3 years.
Can you continue?