algebra 2

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You invest $100,000 in an account with an annual interest rate of 4.5%, compounded semiannually. How much money is in the account after 10 years? Round your answer to the nearest whole number.

  • algebra 2 -

    Pt = Po(1+r)^n.

    r = (6/12) * 4.5% = 2.25% = 0.0225 =
    Semi-annual % rate expressed as a decimal.

    n = 2 comp./yr * 10 yrs. = 20 Compounding periods.

    Pt = 100,000(1.0225)^20 = $156,050.92.

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