So I have these equations and is wondering if I'm doing this correctly. So what I have is 'y = 1000(1.037)^2t'. So what I'm doing to get the value is basically multiplying 1.037 to the 2nd power and multiplying that with 1000. Is this correct or do I have to do something different?
What I thought of: Should I change the equation so it goes like 'y = 1000(1.037)^2/t or t/2?
Textbook Question: 'An investment of $1,000 earns 3.7% interest and is compounded semi-annually'. <--- Just a reference for those of you guys that need it.