### (solved)For the following exercise, use the compound interest formula, A(t) = P 1 + r n nt , where money is measured in dollars. An account is opened with an initial deposit of $7,500 and earns 3.7% interest. . . . .

For the following exercise, use the compound interest formula, A(t) = P 1 + r n nt , where money is measured in dollars. An account is opened with an initial deposit of $7,500 and earns 3.7% interest compounded semi-annually. What will the account be worth in 20 years? (Round your answer to the nearest cent.)

## Expert Answer

Answer to For the following exercise, use the compound interest formula, A(t) = P 1 + r n nt , where money is measured in dollars. An account is opened with an initial deposit of $7,500 and earns 3.7% interest . . .

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