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OpenStudy (anonymous):
A $3,500.00 principal earns 3% interest, compounded semiannually. After 20 years, what is the balance of the account?
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OpenStudy (anonymous):
Well using the interest formula A=P(1+r/n)^nt
OpenStudy (anonymous):
A=3500(1+.03/2)^(2)(20)
OpenStudy (anonymous):
=3500(1+.015)^40 =3500(1.015)^40 A=6349.06
OpenStudy (anonymous):
That should be it.
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