Scott is saving for a down payment to buy a house. The account earns 7.7%...
60.1K
Verified Solution
Link Copied!
Question
Basic Math
Scott is saving for a down payment to buy a house. The account earns 7.7% Interest compounded semi-annually, and he wants to have $10,000 in 5 years. What must his principal be? Round your answer to the nearest cent and do not include the dollar sign. Do not round at any other point in the solving process; only round your answer.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
