SOLUTION: $10 is invested semiannually for 29 years at 5.5 % compounded semiannually. How much would the accumulated amount be?

Question 545349: $10 is invested semiannually for 29 years at 5.5 % compounded semiannually. How much would the accumulated amount be?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!

Start with the compound interest formula

Plug in , (the decimal equivalent of 5.5%), and .

Evaluate } to get

Add to to get

Multiply and to get .

Evaluate to get .

Multiply and to get .

Round to the nearest hundredth (ie to the nearest penny).

So the accumulated amount would be $48.23
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