SOLUTION: If $895 is invested in an account that earns annual interest of 3.5%, compounded semiannually, what will the account balance be after 15 years? (Round your answer to the nearest ce

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Question 472417: If $895 is invested in an account that earns annual interest of 3.5%, compounded semiannually, what will the account balance be after 15 years? (Round your answer to the nearest cent.)
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

A= p(1+r/n) ^nt 

$895 is invested in an account that earns annual interest of 3.5%,

 what will the account balance be after 15 years? 

A = $895(1+ .035/2) ^30

A = $895(1.0175) ^30

A = $1506.11