# math

If \$425 is invested in an account that earns annual interest of 7.5%, compounded semiannually, what will the account balance be after 11 years? (Round your answer to the nearest cent.)
\$ 1

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2. 👎 0
3. 👁 95
1. P = Po(1+r)^n.

Po = \$425.

r = (7.5%/2) / 100% = 0.0375 = Semi-annual rate expressed as a decimal.

n = 2Comp/yr * 11yrs = 22 Compounding
periods.

Plug the above values into the given Eq.

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2. 👎 0

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