using compound interest formula

Question

An account is opened with an initial deposit of $9,500 and earns 3.3% interest compounded semi-annually. What will the account be worth in 35 years?

Answer 1

A = 9500(1+.033/2)^2(35)

= 9500(1.0165)^70

= $29,870.36 rounded to nearest cent

general formula is

A=P(1+r/n)^nt where n= number of compounding periods per year

r= annual interest rate, t = time in years, P = Principal, the starting amount, A= future amount