calculate the amount that an investor needs to be invest to earn $ 1023 in interest in 24 months if the investor plans to invest x dollars in a savings account that pays interest at an annual rate of 12 % compounded semi - annually ?
"the approach is substitution , our interest requirement is $ 1023 after 24 months , 2 compounding period . calculate the compound interest on each option and find out the one that yields $ 1023 in 24 months 3900 yielded $ 1023 using the formula a = p ( 1 + r / n ) nt hence answer is e"
divide(multiply(const_100, 1023), 12)