willmart willmart

15-05-2018
Mathematics

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a $1600 principal earns 7% annual interest, compounded semiannually. What is the balance after 33 years?

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sqdancefan sqdancefan

15-05-2018

Use the future value formula.
FV = P(1 +r/n)^(nt)
FV = 1600*(1 +.07/2)^(2*33)
FV = 1600*1.035^66 ≈ 15,494.70

The balance after 33 years will be $15,494.70

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