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13 May, 00:21

A $1600 principal earns 7% annual interest, compounded semiannually. What is the balance after 33 years?

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  1. 13 May, 00:59
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    Use the future value formula.

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

    FV = 1600 * (1 +.07/2) ^ (2*33)

    FV = 1600*1.035^66 ≈ 15,494.70

    The balance after 33 years will be $15,494.70
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