joyiajasmine11 joyiajasmine11
  • 12-05-2021
  • Mathematics
contestada

How much principal must be deposited to have a balance of $2,229,
compounded semiannually at 3% for 3 years?

Respuesta :

madethisfortwitch1
madethisfortwitch1 madethisfortwitch1
  • 12-05-2021

Answer:

2038.51

Step-by-step explanation:

Compound interest formula:

[tex]FV=PV(1+\frac{i}{n})^{n*t}\\2229=PV(1+\frac{.03}{2})^{2*3}\\2229=PV(1.093443264)\\2037.514547=PV[/tex]

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