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3 January, 01:38

A $1,600.00 Principal earns 7% interest, compounded semiannually twice per year. After 33 years, what is the balance in the account?

A. $4,979.11

B. $14,920.54

C. $112,992.00

D. $15,494.70

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Answers (1)
  1. 3 January, 05:12
    0
    Total = 1,600 * (1 +.07/2) ^ (2*33)

    Total = 1,600 * (1.035) ^66

    Total = 1,600 * 9.6841852012

    Total = 15,494.70

    Answer is D
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