Question

You won $1000 in a radio contest. If you invest it in an account that pays 4.5% interest compounded semiannually, what will be your balance after 4 years?

please answer I'll give you five stars ​

Answer 1

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

P = 1000

r = 4.5% = 0.045

n = semi annually = 2

t = 4

`A= 1000( 1 + (0.045)/(2) )^8 =1000(1 +0.0225)^8= \$ 1194.83`