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Margaret, when she turned 25, made an investment of $15,290 at an interest rate of 6.1% compounded semi-annually (twice per year). Now that she is 50 years old, how much is the investment worth now? Round your answer to the nearest dollar.

Respuesta :

Answer:

$68,676.36

Explanation:

The computation of the investment worth now is shown below:

Given that

Investment amount = $15,290

Rate of interest = 6.1%

Number of years old = 50

So half yearly is 3.05% or 0.0305

Now the investment worth now is

= Investment amount × (1 + interest rate)^time period

= $15,290 × (1 + 0.0305)^50

= $15,290 × 4.491586892

= $68,676.36

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