For the following exercise, use the compound interest formula, A(t) = = P(1 + 1)^², Submit Answer , 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 35 years? (Round your answer to the nearest cent.) $
For the following exercise, use the compound interest formula, A(t) = = P(1 + 1)^², Submit Answer , 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 35 years? (Round your answer to the nearest cent.) $
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:For the following exercise, use the compound interest formula, A(t) = P(1 + 1)^t, where money is measured in dollars.
nt
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 35 years? (Round your answer to the nearest cent.)
$
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