SOLUTION: Can anyone help me with the following? If you deposit $2500 in an account paying 4.5% interest compounded semiannually, how much will be in the account after 8 years? (Round to th

Question 430373: Can anyone help me with the following?
If you deposit $2500 in an account paying 4.5% interest compounded semiannually, how much will be in the account after 8 years? (Round to the nearest cent)
Thank you!!
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Principal P = 2500
Amount= A
years=n 8
compounded 2 times a year
Rate = 4.50 0.02
Amount = P*((n+r)/n)^n
Amount =2500*(1+0.02)^8 *2
Amount =2500*(1 +0.02)^16
2500 *(1.02)^16
Amount =3569.05

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