Hello! I'm looking over one of my tests and trying to see how to do things I got wrong, but I'm having trouble with three of the questions. Here's one of them:

Question

A $1,600.00 principle earns 7% interest, compounded semiannually twice per year. After 33 years, what is the balance in the account?

The answer I put is $4979.11, but the correct answer is $15494.70. How do you get the right answer?

Answer 1

b = 1600 [1 + (.07 / 2)]^(33 * 2)

balance = principle [ 1 + (interest per period)]^(number of periods)