A$1,600 principal earns 7% annual interest, compounded semiannually (twice per year). after 33 years, what is the balance in the account?

Given is the Principal amount, P = 1600 dollars.

Given the Annual interest is 7% i.e. r = 0.07

Given the Compounding period is semi-annually i.e. n = 2.

Given is the Time of investment, t = 33 years.

It says to find the Final Value of invested amount in the account after 33 years.

We know the formula for Future Value of Money is given as follows :-

Hence, the final balance would be 15,494.70 dollars.

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answer

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