What is the future of $2200 invested for nine months at 4.25% compounded semiannually? Select one: a:$2270 b:$2341.73 c:$2234>97 d:$2269.76

What is the future of $2200 invested for nine months at 4.25% compounded semiannually? Select one: a:$2270 b:$2341.73 c:$2234>97 d:$2269.76

Question
Upper Level Math
asked 2020-11-14
What is the future of $2200 invested for nine months at 4.25% compounded semiannually?
Select one:
a:$2270
b:$2341.73
c:$2234>97
d:$2269.76

Answers (1)

2020-11-15
compound interest formula
\(p=a(1+r/n)nt\)
Where
A=present value of investment
P=future value
r=rate of interest
n=number of times interest compound in a period
t=time period
Given
A=$2200
r=4.25%=0.0425
n=2 of compound semi annually
\(t=(9/12)yrs\)
\(p=2200(1+(0.0425/2)^(2*9/(12))\)
p=$2270.5
0

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