SOLUTION: what is the accumulated amount at the end of 8 years if 5,500 is invested at an interest rate of 6% compounded semiannually?

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Question 845575: what is the accumulated amount at the end of 8 years if 5,500 is invested at an interest rate of 6% compounded semiannually?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

 In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = 5500

r= annual rate = .06

n= periods per year = 2

t= years =8

A+=+5500%281.03%29%5E%2816%29