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?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> 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?
Log On
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?
-------
A(t) = P(1+(r/n))^(nt)
-------
A(35) = 4400(1+0.075/2))^(2*35)
-------
A(35) = $57892.20
------------------------
Cheers,
Stan H.
-----------------
(