Question

find the total amount in the compound intrest account. $9000 is compounded semiannually at a rate of 11% for 22 years.

Answer 1

The compound amount function is A = P (1 + r/n)^(nt)

Here that amount would be:

A = $9000 (1 + 0.11/2)^(2*22)

= $9000(10.546) = $94918.47