Every day, Bert spends an hour commuting to and from his office, driving at an average speed of 50 mph and taking the same route
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SOLUTION
Given the question in the question tab, the following are the solution steps to answer the question.
STEP 1: Write the formula for calculating compound amount
where
A = final compounded amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
STEP 2: Write the given data
Semiannually means that n will be 2
STEP 3: Calculate the compound amount
Hence, the compounded amount after 4 years is $18,748.1972