# SOLUTION: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.) P = \$1000, r = 4%, t = 9.5, compoun

Algebra ->  Algebra  -> Percentage-and-ratio-word-problems -> SOLUTION: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.) P = \$1000, r = 4%, t = 9.5, compoun      Log On

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 Question 507613: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.) P = \$1000, r = 4%, t = 9.5, compounded semiannually A = \$Answer by lwsshak3(6529)   (Show Source): You can put this solution on YOUR website!Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.) P = \$1000, r = 4%, t = 9.5, compounded semiannually ** compound interest formula: A=P(1+r)^t, P=initial investment, r=interest rate/period, A=amount after t periods For given problem: r=.04/2=.02 (interest rate/period) t=19.5*2=39 periods A=1000(1+.02)^39 A=1000(1.02)^39 A=1000*2.1647=\$2164.70