Question

Charity invests $1891 into a savings account. The account will accrue 9% interest to be compounded semiannually. Provided she makes no
additional deposits or withdrawals, how much money will be in her account after 21 years?
a. $11,960.90 b. $12,010,90
c. $12,005.90 d. $11.985.90

Answer 1

Answer:

B) 12,010.9

Step-by-step explanation:

Set up an equation:

$A=1891(1+\frac{0.09}{2})^{2*21}$

Solve:

$A=1891(1.045)^{42}$

$A=12010.90488$