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18 January, 11:25

Sophie deposited money into an account in which interest is compounded semiannually at a rate of 3.2%. She made no other deposits or withdrawals and the total amount in her account after 7 years was $13,987.17.

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  1. 18 January, 13:16
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    13987.17=p (1+0.032/2) ^2*7

    Solve for p

    P=13,987.17: ((1+0.032:2) ^ (14))

    P=11,199.99
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