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3 years ago

$12000 is compounded semiannually at a rate of 7% for 22 years. Find the total amount in the compound interest account

Mathematics

2 answers:

tresset_1 [31]3 years ago

7 0

Answer:65686

Step-by-step expl22anation:

hujho

N76 [4]3 years ago

4 0

Answer: $54,520.10

Step-by-step explanation:

A = P(1 + r/n)^nt

A being the amount after interest

P being $12000

r being .07 (7% interest)

n being 2 (semiannual)

t being the amount of years its being compounded for, 22

Setting it up,

A = 12000(1 + .07/2) ^2x22

A = 12000(1.035)^44

A = 12000(4.54334159549)

A = 54520.0991459

A = 54520.10

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