SOLUTION: Your aunt is planning to invest in a bank CD that will pay 5.50 percent interest semi-annually. If she has $7,000 to invest, how much will she have at the end of four years? (If yo

Question 1080899: Your aunt is planning to invest in a bank CD that will pay 5.50 percent interest semi-annually. If she has $7,000 to invest, how much will she have at the end of four years? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to the nearest penny.
Found 2 solutions by Boreal, MathTherapy:
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po(1+(0.055/2)^8, because of 8 compoundings in 4 years.
=$8696.66 rounding at end.
Rounding intermediate calculations to 4 decimal places,
7000*1.2424=$8696.80
Answer by MathTherapy(10551) (Show Source): You can put this solution on YOUR website!
Your aunt is planning to invest in a bank CD that will pay 5.50 percent interest semi-annually. If she has $7,000 to invest, how much will she have at the end of four years? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to the nearest penny.

Correct answer:
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