If you invest $7,000 into a savings account at an annual interest rate of 8% (APR),...

If you invest $7,000 into a savings account at an annual interest rate of 8% (APR), compounded semi-annually, how much will you have in the savings account after 11 years? Enter your response below (rounded to 2 decimal places).

Expert Solution

Amount after 11 years=Principal*(1+interest/2)^(number of years*2)

=$7000*(1+0.08/2)^22

=$7000*(1.04)^22

=$16589.43

jeff jeffy answered 2 years ago

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If you invest $7,000 into a savings account at an annual interest rate of 8% (APR),...

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