For the following exercise, use the compound interest formula, A(t) = P

compound-interest

#1

For the following exercise, use the compound interest formula,
A(t) = P

1 +
r
n
nt
where money is measured in dollars.
An account is opened with an initial deposit of $7,500 and earns 3.7% interest compounded semi-annually. What will the account be worth in 40 years?

Answer:

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