SOLUTION: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Round your answer to the nearest cent.) P = $1600, r = 4%, t = 4.5, compo

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Question 884769: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Round your answer to the nearest cent.)
P = $1600, r = 4%, t = 4.5, compounded semiannually
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
P = $1600, r = 4%, t = 4.5, compounded semiannually(n = 2)::
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A(t) = P(1+(r/n))^(nt)
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A(4.5) = 1600(1+(0.04/2))^(2*4.5)
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A(4.5) = $1912.15
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Cheers,
Stan H.
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