Question

Find the accumulated amount A if the principal, P = $3700 is invested at the interest rate r = 7%/year for t = 12.5 years compounded semiannually. Round your answers to two decimal places.
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a. The accumulated amount is $8544.01.

b. The accumulated amount is $8592.56.

c. The accumulated amount is $8,744.01.

d. The accumulated amount is $8644.01.

e. The accumulated amount is $8509.62.

Thank you

Answer 1

3700(1 + .07/2)^(2*12.5) = ?

Answer 2

$8744.1