An account is opened with an initial deposit of $9,500 and e…
An account is opened with an initial deposit of $9,500 and earns 3.7% interest compounded semi-annually. What would the account be worth in 20 years? (Round your answer to the nearest cent.) Hint: For the following, recall the compound interest formula, , where A(t) is the future value, P is the initial investment, r is the annual interest rate, n is the number of times compounded in a year, t is time in years.