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23 October, 21:32

Find the balance in the account.

$1,600 principal earning 7%, compounded semi-annually, after 33 years

a. $14,920.54

b. $15,494.70

c. $112,992.00

d. $4,979.11

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Answers (2)
  1. 23 October, 23:58
    0
    A=1,600 * (1+0.07:2) ^ (2*33)

    A=15,494.70
  2. 24 October, 00:01
    0
    Total = Principal * (1 + rate/n) ^n*years

    where n is the number of compounding periods per year.

    Total = 1,600 * (1.035) ^66

    Total = 1,600 * 9.6841852012

    Total = 15,494. 70

    Answer is b.
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