Assume Bramble Corp. deposits $98000 with First National Bank in an account earning interest at 8%...
Assume Bramble Corp. deposits $98000 with First National Bank in an account earning interest at 8% per annum, compounded semi-annually. How much will Bramble have in the account after 3 years if interest is reinvested?
Homework Answers
We use the formula:
A=P(1+r/2)^2n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$98,000*(1+0.08/2)^(2*3)
=$98,000*1.265319018
=$124,001.26(Approx).
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