document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=926154>Question 926154</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If $505 is invested in an account that earns annual interest of 8%, compounded semiannually, what will the account balance be at the end of 3 years? (Round your answer to the nearest cent.)<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #562052 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=562052\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If $505 is invested in an account that earns annual interest of 8%, compounded semiannually, what will the account balance be at the end of 3 years? <BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "A(3) = 505(1+0.08/2)^(2*3)<BR>\n" );
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document.write( "A(3) = 505(1.04)^6 = $638.99<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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