*****Please help!
You invest $100,000 in an account with an annual interest rate of 4.5%, compounded semiannually. How much money is in the account after 15 years? Round your answer to the nearest whole number.

A. $194,939
B. $201,782
C. $216,934
D.$229,453

Question

*****Please help! 
You invest $100,000 in an account with an annual interest rate of 4.5%, compounded semiannually. How much money is in the account after 15 years? Round your answer to the nearest whole number.

A. $194,939
B. $201,782
C. $216,934
D.$229,453

phi · Answer

do you know the formula for compound interest ? see http://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm

phi · Answer

in your problem,  the interest rate as a decimal is 0.045
semi-annually means twice a year, so n=2
The principal P is 100000
the time t is 15 years
can you finish ?

anonymous · Answer

Yeah I can :) thanks