SOLUTION: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.) P = $1000, r = 4%, t = 9.5, compo

Algebra ->  Finance -> SOLUTION: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.) P = $1000, r = 4%, t = 9.5, compo      Log On


   

Question 507851: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.)
P = $1000, r = 4%, t = 9.5, compounded semiannually

A = $?
Answer by Earlsdon(6294) About Me  (Show Source):
You can put this solution on YOUR website!
A+=+P%281%2Br%2Fq%29%5Etq Where: P = $1,000, r = 0.04, t = 9.5, and q (the compounding period) = 2. (two times a year or semiannually)
A+=+1000%281%2B0.04%2F2%29%5E%289.5%282%29%29 Evaluate using your calculator.
A+=+1000%281.02%29%5E19
A+=+1456.81
A = $1,456.81