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Chapter 10: Q70. (page 530)

70. GRID IN Suppose you deposit $500 in an account paying 4.5% interest compounded semi-annually. Find the dollar value of the account rounded to the nearest penny after 10 years.

Short Answer

Expert verified

The dollar value of the account is $780.25.

Step by step solution

01

Step 1.  Given

Suppose you deposit $500 in an account paying 4.5% interest compounded semi-annually.

02

Step 2.  To determine

Find the dollar value of the account rounded to the nearest penny after 10 years.

03

Step 3.  Calculation

Given,

P = The principal amount = $500.

r = Interest rate = 4.5% = 0.045

n = The number of times compounded annually = 2 (because of semi-annually)

t = time = 10 years.

So, the dollar value of the account is:

A=P1+rnntA=5001+0.04522(10)A=780.254600342A鈮�780.25

Hence, the dollar value of the account is $780.25.

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