Semiannually compound interest

If you deposit $5000 into an account paying 8.25% annual interest compounded semiannually, how long until there is $9350 in the account?

Correct answer:

t =  96 m

Step-by-step explanation:

p=8.25%=8.25100=0.0825 i=1+p/2=1+0.0825/2=8338001.0413  5000 in=9350 in=9350/5000  nlogi=log9350/5000  n=log(9350/5000)log(i)=log(9350/5000)log(1.0413)15.4851 n1=n=15.4851=16  t=12/2 n1=12/2 16=96 m



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