willmart willmart
  • 15-05-2018
  • Mathematics
contestada

a $1600 principal earns 7% annual interest, compounded semiannually. What is the balance after 33 years?

Respuesta :

sqdancefan
sqdancefan sqdancefan
  • 15-05-2018
Use the future value formula.
  FV = P(1 +r/n)^(nt)
  FV = 1600*(1 +.07/2)^(2*33)
  FV = 1600*1.035^66 ≈ 15,494.70

The balance after 33 years will be $15,494.70
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