noahholder33 noahholder33

11-08-2020
Mathematics

contestada

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.)

Respuesta :

mathstudent55 mathstudent55

11-08-2020

Answer:

$69,361.23

Step-by-step explanation:

[tex] A = P(1 + \dfrac{r}{n})^{nt} [/tex]

[tex] A = 10000(1 + \dfrac{0.09}{2})^{2 \times 22} [/tex]

[tex]A = 10000(1.045)^{44}[/tex]

[tex] A = 69361.23 [/tex]

Answer: $69,361.23

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