ALGEBRA

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If $835 is invested in an account that earns annual interest of 4.5%, compounded semiannually, what will the account balance be after 13 years? (Round your answer to the nearest cent.)

  • ALGEBRA -

    P = Po(1+r)^n.

    r = (4.5%/2) / 100% = 0.0225=Semi-annual % rate expressed as decimal.

    n = 2Comp./yr * 13yrs. = 26 Compounding
    periods.

    P = 835(1.0225)^26 = $1489.13.

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