9514 1404 393
Answer:
$55,085.44
Step-by-step explanation:
The formula for the account balance is ...
A = P(1 +r/n)^(nt)
where principal P is invested at annual rate r compounded n times per year for t years. Using the given values, we find the balance to be ...
A = $21,000(1 +0.082/2)^(2·12) = $21,000(1.041^24) ≈ $55,085.44
The balance is $55,085.44 after 12 years.
