In order to help pay for college, the grandparents of a child invest $600 in a bond that pays 11% interest compounded semiannually. How much money will there be in 5.5 years?

Question

anonymous · Answer

$$A=P\left(1+{r\over100\times k}\right)^{kn}$$
P=600
r=11
n=5.5
k = 2   -> compunded twice a year

anonymous · Answer

A. 1,181.38  
 
 B. $1,081.26  
 
 C. $1,061.01  
 
 D. $1,131.76  

which one is it, sir?

anonymous · Answer

you can use a calculator right?

anonymous · Answer

what kind of cacluator? I only have a standard one on my phone

anonymous · Answer

that should be enough.. an I phone, I presume?

anonymous · Answer

yes

anonymous · Answer

good, open up the calculator app, and rotate your phone to landscape mode
all the buttons needed would be right there.
Next time, from office depot or staples, you can get a decent calculator under $20.

anonymous · Answer

okay I never noticed that before

anonymous · Answer

what's the formula?