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17 June, 08:30

A $6,000.00 principal earns 8% interest, compounded semiannually twice per year. After 35 years, what is the balance in the account?

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  1. 17 June, 09:33
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    A = P (1+r/n) e (nt)

    where P = $6000

    r =.08, 8/100

    n = 4, compounded semiannually twice

    t = 35

    A = $ 6000[ (1 + (.08/4) e (4*35) ]

    A = $2,329023.87 is the balance of the account after 35 years
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