Question

7. Interest is compounded semianually. Find the amount in the account after the given time.

Answer 1

Answer:

$1,229.26

Step-by-step explanation:

Finding compound interest :

• A = P (1 + r/n)^(nt)
• A = (1,000)(1 + 0.07/2)²⁽³⁾
• A = (1,000)(1.035)⁶
• A = (1,000)(1.22925533)
• A = $1,229.26