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Interest question

  1. Jan 8, 2005 #1
    1. Determine the interest rate for a principal of $150 to amount to $275 in 8 years with interest compounded semi-annually.

    2. Suppose you deposit $1000 in an investment account for one year at 6%. How much more money will you receice if the investment is:
    compounded semi-annually instead of annually.
     
  2. jcsd
  3. Jan 8, 2005 #2
    Use the equation

    I = P( 1 + r/n ) ^nt
     
  4. Jan 8, 2005 #3

    Gokul43201

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    sp00ky, please read the posting rules for this section in the sticky at the top of the threads in this section.
     
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