SOLUTION: can someone please help me with this problem please: Solve the problem. Round to the nearest cent. Nora Oretega's savings account has a balance of $3544. After 4 years what w

Question 161911: can someone please help me with this problem please:
Solve the problem. Round to the nearest cent.
Nora Oretega's savings account has a balance of $3544. After 4 years what will the amount of the interest be at 11% compounded semiannually?
a. $3898.40
b. $1894.93
c. $1885.93
d. $1889.93
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
SORRY I HAD THE INTEREST RATE 11/2=.056 INSTEAD OF .11/2=.055. HIT THE WRONG KEY.
3544(1+.11/2)^4*2
3544(1+.055)^8
3544*1.055^8
3544*1.5346=$5,438.93 IS THE NEW ACCOUNT VALUE AFTER 4 YEARS.
5,438.93-$3,544=$1,894.93 IS THE INTEREST AMOUNT. ANSWER B).
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