To find the final amount Kaitlin will have in the account after 9 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the amount of money accumulated after n years
P = the principal amount (initial deposit)
r = annual interest rate (decimal)
n = number of compounding periods per year
t = number of years
Plugging in the values:
P = $4000
r = 3.6% = 0.036
n = 2 (compounded semiannually)
t = 9 years
A = $4000(1 + 0.036/2)^(2*9)
A = $4000(1 + 0.018)^18
A = $4000(1.018)^18
A = $4000 * 1.392297
A = $5569.188
So, Kaitlin will have $5569.19 in the account after 9 years.
Kaitlin deposited $4000 into an account with 3.6% interest, compounded semiannually. Assuming that no withdrawals are made, how much will she have in the account after 9 years?
Do not round any intermediate computations, and round your answer to the nearest cent. *
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