A $1,600.00 principle earns 7% interest, compounded semiannually twice per year. After 33 years, what is the balance in the account.

My answer is $112,992.00

That is incorrect, the correct answer is $15,494.70

Quick check Answers:

B
A
D
A
D

Practice answer:

B
D
B
B
A
C
B
B
B
D
B
C

To calculate the balance in the account after 33 years, we need to use the formula for compound interest:

A = P(1 + r/n)^(n*t)

where:
A = the final amount (balance) in the account
P = principal amount ($1,600.00 in this case)
r = annual interest rate (7% = 0.07)
n = number of times interest is compounded per year (twice per year)
t = number of years (33 years in this case)

Let's calculate it step by step:

First, divide the annual interest rate by the number of compounding periods per year:
r/n = 0.07/2 = 0.035

Now, multiply the number of compounding periods per year by the number of years to get the total number of compounding periods:
n*t = 2 * 33 = 66

Next, substitute all the values into the compound interest formula and calculate the final amount (balance):
A = $1,600.00 * (1 + 0.035)^(66)
A ≈ $112,993.73

So, the balance in the account after 33 years would be approximately $112,993.73.

It seems like your answer of $112,992.00 was close but slightly off. It's important to note that minor rounding differences can occur.

Could u show the workings, pls.

I knw, I =PRT/100
P=$1600.00
R=7%
so which are we looking for, I or T?