SOLUTION: Hi can you help me with this math problem? 8.) Solve the problem An initial investment of $1000 is appreciated for 4 years in an account that earns 7% interest, compounded se

Question 135800: Hi can you help me with this math problem?
8.) Solve the problem
An initial investment of $1000 is appreciated for 4 years in an account that earns 7% interest, compounded semiannually. Find the amount of money in the account at the end of the period.
the answer should be $1316.81
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
P(1+R/N)^A*N P=PRINCIPLE, R=RATE, N=NUMBER OF INSTALLMENTS PER YEAR & A=NO. OF YEARS.
1000(1+.07/2)^4*2
1000(1.035)^8
1000(1.31681)
$1,316.81 ANSWER.
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