SOLUTION: A credit union client deposits $4,400 in an account earning 7.5% interest, compounded semiannually. What will the balance of the account be at the end of 35 years?

Question 975232: A credit union client deposits $4,400 in an account earning 7.5% interest, compounded semiannually. What will the balance of the account be at the end of 35 years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A credit union client deposits $4,400 in an account earning 7.5% interest, compounded semiannually. What will the balance of the account be at the
end of 35 years?
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A(t) = P(1+(r/n))^(nt)
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A(35) = 4400(1+0.075/2))^(2*35)
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A(35) = $57892.20
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Cheers,
Stan H.
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