Find the balance of an account after
years.
The compound interest formula is
.
Since,compound interest is semiannually,then
.
Here,
and
.
Find the total amount.
\
(Compound interest formula)
(Substitute
and
)
(Multiply exponents)
(Simplify)
(Addition)
(Use caluculator:
)
(Multiply)
Therefore, the balance of an account after
years is
.
The balance of an account after
years is
.