I’m not sure what the answer can I get some help
1 answer:
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Answer:
After 33 years balance in the account = A= $15494.696
Explanation:
We will applying the compound interest formula.
Where,
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years
Given that,
P = $1,600
r = 7% = = 0.07
n = 2 (because of twice in a year)
t = 33 years
A=
A =
A= $15494.696