Question

if $6700is invested at 4.6%interest compounded semiannually how much will the investment be worth in 15 years?

Answer 1

$4.6\%\ \ annually\ \ \rightarrow\ \ 2.3\%\ \ semiannually \\semiannually \ \ \ \ \rightarrow\ \ 30\ times\ the\ interest\ capitalization\\\\Sum=\ 6700\cdot(1+ \frac{2.3}{100} )^{30}=\ 6700\cdot1.023^{30}\approx\ 13253.90$