SOLUTION: PLEASE HELP ASAP! Use the formula A = P(1 + r/n)^nt to find the total amount of money accumulated at the end of the indicated time period for the following investment. Round yo

Question 457408: PLEASE HELP ASAP!
Use the formula A = P(1 + r/n)^nt
to find the total amount of money accumulated at the end of the indicated time period for the following investment.
Round your answer to the nearest cent.
$700 for 8 years at 6% compounded semiannually

Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Use the formula A = P(1 + r/n)^nt to find the total amount of money accumulated
at the end of the indicated time period for the following investment.
Round your answer to the nearest cent. $700 for 8 years at 6% compounded semiannually
:
A = P(1 + r/n)^nt
Given:
P = $700, Principal
r = .06 int rate
n = 2 (semi annual)
t = 8 yrs
:
A = 700(1 + .06/2)^(2*8)
A = 700(1.03)^16
Find 1.03^16 on a calc
A = 700*1.6047
A = $1123.29
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