A college savings account pays 8.2% annual interest compounded semiannually. What is the balance of an account after 12 years if
$21,000 was initially deposited?
1 answer:
9514 1404 393
Answer:
$55,085.44
Step-by-step explanation:
The formula for the account balance is ...
A = P(1 +r/n)^(nt)
where principal P is invested at annual rate r compounded n times per year for t years. Using the given values, we find the balance to be ...
A = $21,000(1 +0.082/2)^(2·12) = $21,000(1.041^24) ≈ $55,085.44
The balance is $55,085.44 after 12 years.
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Step-by-step explanation:
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Step-by-step explanation:
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