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3241004551 [841]

3 years ago

11

You deposit $7000 into a bank account that has 6% interest compounded SEMIANNUALLY. Determine the amount of money in the bank af

ter 9 years.

1 answer:

Vlada [557]3 years ago

4 0

Answer:

$11917.03

Step-by-step explanation:

Use Compound Interest Formula:

A = 7,000 (1 + 0.06/2)^2(9)

Simplify:

A = 7,000(1.03)^18

Solve:

A = $11917.03

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