Find the balance in the account: $1,600 principal earning 7%, compounded semi-annually, after 33 years

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Rangel

Mathematics

1 November, 20:58

Find the balance in the account: $1,600 principal earning 7%, compounded semi-annually, after 33 years

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Lily Murillo · Answer 1

A principal invested for n number of years increases as the equation projects F = P * (1 + i) ^n where F is the future worth, p is the present worth or principal and i is the interest rate. substituting, F = $1600 * (1 + 0.07/2) ^33*2 equal to amount of future worth or balance of $15494.70