Math Problem Statement

Use Table 11-1 to calculate the compound amount (in $) on an investment of $3,500 at 8% interest, compounded semiannually, for 16 years. (Round your answer to the nearest cent.) $

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponents

Formulas

Compound Interest Formula: A = P(1 + r/n)^(nt)

Theorems

Exponential Growth Theorem

Suitable Grade Level

Grades 10-12