Math Problem Statement

Elizabeth's investment of $99,200.00 in a fund matured to $157,629.45 in 5 years. If the interest in the fund is compounded semi-annually, calculate the following rounded to two decimal places. No written response required. a. Periodic interest rate 0.05% 9.70% 5.74% 4.74%

Solution

Ask a new question for Free

By Image

Drop file here or Click Here to upload

Math Problem Analysis

Mathematical Concepts

Compound Interest
Algebraic Manipulation
Exponential Functions

Formulas

Compound Interest Formula: A = P(1 + r/n)^(nt)

Theorems

Exponential Growth in Compound Interest

Suitable Grade Level

Grades 10-12