gilliamh55 gilliamh55

25-08-2019
Mathematics

contestada

$12000 is compounded semiannually at a rate of 7% for 22 years. Find the total amount in the compound interest account

Respuesta :

hiddiols hiddiols

25-08-2019

Answer: $54,520.10

Step-by-step explanation:

A = P(1 + r/n)^nt

A being the amount after interest

P being $12000

r being .07 (7% interest)

n being 2 (semiannual)

t being the amount of years its being compounded for, 22

Setting it up,

A = 12000(1 + .07/2) ^2x22

A = 12000(1.035)^44

A = 12000(4.54334159549)

A = 54520.0991459

A = 54520.10

Answer Link

linamontalvo2001 linamontalvo2001

04-09-2019

Answer:65686

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Step-by-step expl22anation:

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