Homework Answers
1.
Initial Capital = $14,000
Interest Rate = 12% per year compounded semi annually
Annually Compounded Interest Rate = (1 + 0.12/2)2 - 1 = 12.36%
Time period = 8 years
FV = PV(1 + r)t
Final Accumulated Amount = 14000(1.1236)8
Final Accumulated Amount = $35,564.92
Total Interest = 35564.92 - 14000
Total Interest = $21,564.92
2.
Initial Amount = $500
Interest Rate = 5%
Time Period = 7 years
FV = PV(1 + r)t
Final Accumulated Amount = 500(1.05)7
Final Accumulated Amount = $703.55
Total Interest = 703.55 - 500
Total Interest = $203.55
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