davidneedsmathhelp
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- May 19, 2019
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I am using this formula to calculate compound interest.
A = P (1 + r/n)^(nt)
Find the accumulated value of an investment of $10,000 for 7 years at an interest rate of 4.5% compounding semiannually.
When I divide 0.045 by 2, add 1, raise the result to the 9th power, and finally multiply 10000 by that result, I am getting 12,217.15, rounding to the nearest cent. The answer should be 13,654.83
Can someone tell me what I am doing wrong? Thanks!
A = P (1 + r/n)^(nt)
Find the accumulated value of an investment of $10,000 for 7 years at an interest rate of 4.5% compounding semiannually.
When I divide 0.045 by 2, add 1, raise the result to the 9th power, and finally multiply 10000 by that result, I am getting 12,217.15, rounding to the nearest cent. The answer should be 13,654.83
Can someone tell me what I am doing wrong? Thanks!
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