Question

Find the total amount in the compound interest account.

$10000 is compounded semiannually at a rate of 10% for 22 years.

(Round to the nearest cent.)

Answer 1

$32,000

Explanation:

0.10 * 10,000 = 1000

$1000 * 22 = $22,000

$22,000 + $10,000 = $32,000

(I'm not sure if there is missing information because it says to round to the nearest sent. I'm 99% sure this is correct. The only thing that throws me off is the fact it asks you to round.)