SOLUTION: Tamika opened a money market account that has a 4.25% annual interest rate, compounded semiannually. She deposits $1,750. What will be the balance in the account after 15 years?

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Question 1208862: Tamika opened a money market account that has a 4.25% annual interest rate, compounded semiannually. She deposits $1,750. What will be the balance in the account after 15 years? Round to the nearest cent. Remember


Answer by math_tutor2020(3817) About Me  (Show Source):
You can put this solution on YOUR website!

Answer: $3,288.52

Work Shown
A = P*(1+r/n)^(n*t)
A = 1750*(1+0.0425/2)^(2*15)
A = 3288.517330238163 approximately
A = 3288.52 when rounding to the nearest penny