Two years

Roy deposited 50,000.00 into his account paying 4% annual interest compounded semi annually. How much is the interest after 2 years?

Correct result:

i =  4121.608

Solution:

a=50000 p=4%=4100=0.04  k=1+p/2=1+0.04/2=5150=1.02  i=a k2 2a=50000 1.022 250000=4121.608



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