Two years

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

Correct answer:

i =  4121.608

Step-by-step explanation:

a=50000 p=4%=1004=0.04  k=1+p/2=1+0.04/2=5051=1501=1.02  i=a k2 2a=50000 1.022 250000=4121.608

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