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2) Jack invests $4,325 in a savings account with a fixed annual interest rate of 7% compounded semi-annually. What will the account balance be after 7 years?
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24 votes
2) Jack invests $4,325 in a savings account with a fixed annual interest rate of 7%

compounded semi-annually. What will the account balance be after 7 years?

User Gintautas
by
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1 Answer

9 votes

Answer:

A=P(1+r/200)^2n

=4325(1+7/200)^14

=4325*1.61869452

=7000

User Enith
by
7.0k points
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