After receiving a scholarship for $100,000, you decide to deposit that money in an account bearing an interest rate of 4% per semi-annual compounding period. You intend to let the interest accrue on the deposit and then invest the total amount in real estate. If the funds are deposited today for a three-year period, what will be the amount available at the end of this period, rounded to the nearest dollar?

Answer rating: 100% (QA)

To solve this problem we can use the compound interest formula A P1 rnn... View the full answer