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-Dominant- [34]
3 years ago
9

A $6,000.00 principal earns 8% annual interest, compounded semiannually (twice per year). After 35 years, what is the balance in

the account?
A. $22,800.00
B. $39,600.00
C. $88,712.07
D. $93,429.71
Mathematics
2 answers:
Sphinxa [80]3 years ago
8 0

Answer:

After 35 years balance in the account  = $93429.71

Explanation:

We will applying the compound interest formula.

A = P(1 +\frac{r}{n})^{nt}

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 = $6000

r = 8% = \frac{8}{100} = 0.08

n = 2 (because of twice in a year)

t = 35 years

A= 6000(1 + \frac{0.08}{2}) ^{2*35}

A = 6000(1.04)^{70}

A= $93429.71    (Option D)

Step2247 [10]3 years ago
4 0
If im not wrong then i sure its C
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