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Chris is saving for a down payment to buy a house. The account earns 3.9% interest compounded semi-annually, and he wants to have $8,000 in 10 years. What must his principal be? Round your answer to the nearest cent. Do not round at any other point in the solving process; only round your answer.

Respuesta :

Answer:

$5436.82

Step-by-step explanation:

8000 = P(1 + .039/2)^10*2

[tex]\frac{8000}{\left(1+\left(\frac{0.039}{2}\right)\right)^{20}}=5436.82538[/tex]

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