Question

$800 at 5 1/2 annual interest, compounded semiannually, for 7 years

Answer 1

Use the compound interest formula to find the value of the investment.

Answer 2

somebody helpppppppp

Answer 3

so use it then \(\bf b = balance\\
p = principal\\
r = rate\\
n = periods\\
t = years\\ \quad \\ \quad \\
b = p\left(1+\cfrac{r}{n}\right)^{nt}\)

Answer 4

i dont get it

Answer 5

semi-annually compounded, that means semi = half, annual, a year, half a year, you can only have 2 halves, so, 2
so the period per year is 2

Answer 6

your principal, is the original deposit, $800
period is 2, twice a year
rate is 5 and 1/2, or 5.5 in decimal format will be 0.055
years, well, 7

Answer 7

plug them all in, to get your balance

Answer 8

would it be 1,169.60?

Answer 9

is that what you got?

Answer 10

yeah

Answer 11

$10,008.00
c.
$14,800.75
b.
$14,802.44
d.
$1,169.60

Answer 12

yeap, I got the same :)