Question

Will FAN AND MEDAL! Please give answer and steps of how to solve it : )
A $1,600.00 principal earn 7% interest, compounded semiannually twice per year. After 33 years, what is the balance of the account.

Answer 1

hmm actually, is 1,600 =)
thus \(\qquad \textit{Compound Interest Earned Amount}\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\qquad
\begin{cases}
A=\textit{current amount}\\
P=\textit{original amount deposited}\to &\$1,600\\
r=rate\to 7\%\to \frac{7}{100}\to &0.07\\
n=\textit{times it compounds per year}\to &2\\
t=years\to &33
\end{cases}\)

Answer 2

current amount = balance

Answer 3

Let me work it out and tell me if I'm right please :) @jdoe0001

Answer 4

well... ok
but it's rather simple, just plug in the values in the compound interest formula :)

Answer 5

4,979.11!! :D

Answer 6

Thank you for your help!!

Answer 7

yw