Homework Answers
Calculation of Principal Amount
FV= PV(1+r)n
5500=PV(1+0.0247)11
5500= PV(1.307869)
PV= 5500/1.307869
PV= 4205.31
Given Figure
FV=5500
r= 4.94%
n= 5.5 years
Compunding semi Annaully, so we have divide the rate if Interest by 2 and multifly the number of years into 2. therefore rate of interest is 2.47% and Number of years is 11.
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