Question 161911
SORRY I HAD THE INTEREST RATE 11/2=.056 INSTEAD OF .11/2=.055. HIT THE WRONG KEY.
3544(1+.11/2)^4*2
3544(1+.055)^8
3544*1.055^8
3544*1.5346=$5,438.93 IS THE NEW ACCOUNT VALUE AFTER 4 YEARS.
5,438.93-$3,544=$1,894.93 IS THE INTEREST AMOUNT. ANSWER B).