Question

What principal will amount to $2500 if invested at 5% interest compoundedsemiannually for 7.5 years?

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Answer 1

Answer:

$\longmapsto \boxed{\sf \: \ 1726.16}$

Step-by-step explanation:

$\sf \longmapsto \: 2500 = \: p \: = (1 + \frac{.05}{2} ) {}^{2 \times 7.5}$

$\sf \longmapsto2500 \: = p(1.025) {}^{1.5}$

$\sf \longmapsto \frac{2500}{1.45} = \: \frac{p(1.45)}{1.45}$

$\sf \longmapsto \ 1726.16 \: = p$