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NEED HELP ASAP
Stanley has a rich uncle who wishes to give Stanley $10000
on his 25th birthday. How much will the uncle have to
invest now, if Stanley has just turned 17 and the money
will go into a savings account that pays 7.5% compounded
semi-annually?

Respuesta :

SH1NRAA

Well, we know that Stanley has to wait 8 years. Since we are given a rate in half-years, we convert that 8 to 16 half - years.

Then, we write an equation where x is the original amount.

x * 1.075^16 = 10000

Then, we solve.

That gives us about $3,143.87.

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