Question

Find the total amount in the compound interest account.

$10000 is compounded semiannually at a rate of 9% for 22 years.
(Round to the nearest cent.)

Answer 1

$69,361.23

Explanation:

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

`A = 10000(1 + (0.09)/(2))^(2 * 22)`

`A = 10000(1.045)^(44)`

`A = 69361.23`

Answer: $69,361.23