SOLUTION: Is B correct? I'm checking my answers. Jenny plans to invest $9,000. America's Bank offers a 10 year CD at an annual interest rate of 3.8% compounding interest semi-annually.

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Question 1160604: Is B correct? I'm checking my answers.

Jenny plans to invest $9,000. America's Bank offers a 10 year CD at an annual interest rate of 3.8% compounding interest semi-annually. How much is her investment worth at the end of the 10 years?
A. $9,000
B. $13,114
C. $15,840
D. $18,000

The question is provided in the link here: https://i.imgur.com/4Jp2KGd.png
Found 2 solutions by MathLover1, ikleyn:
Answer by MathLover1(20850)   (Show Source): You can put this solution on YOUR website!

yes, B is correct

where
Answer by ikleyn(52788)   (Show Source): You can put this solution on YOUR website!
.

Since the account is compounded, use the formula for compounded account


    Future value =  = 13,113.73 = 13,114 (rounded).   ANSWER


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