SOLUTION: $600 in a bond that pays 11% interest compounded semiannually. How much money will there be in 5.5 years?

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Question 813910: $600 in a bond that pays 11% interest compounded semiannually. How much money will there be in 5.5 years?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = 600

r= annual rate = .11

n= periods per year = 2

t= years =5.5

A+=+600%281%2B.055%29%5E%282%285.5%29%29