Answer:
After 35 years balance in the account = $93429.71
Explanation:
We will applying the compound interest formula.
A = [tex] P(1 +\frac{r}{n})^{nt} [/tex]
Where,
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years
Given that,
P = $6000
r = 8% = [tex] \frac{8}{100} [/tex] = 0.08
n = 2 (because of twice in a year)
t = 35 years
[tex] A= 6000(1 + \frac{0.08}{2}) ^{2*35} [/tex]
A = 6000[tex] (1.04)^{70} [/tex]
A= $93429.71 (Option D)
