Problema Solution
Kareem deposited $4000 into an account with 4.4% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 10 years?
Answer provided by our tutors
10 years = 20 period semiannually
So
the money = $4000*(1+4.4/2%)^20 =$4000*(1+2.2%)^20 =$6181.27
So the account will be $6181.27