Interest in a College Trust Fund. Following the birth of his child, Benjamin dep

Question

Interest in a College Trust Fund. Following the birth of his child, Benjamin deposits $10,000 in a college trust fund where interest is 3.9%, compounded semiannually. a) Find a function for the amount in the account after t years. 4, 8, 10, 18, and 21 years. In Exercises 55-62, use the compound-interest formula to find the account balance A with the given conditions: principal r interest rate n number of compounding periods per year, t time, in years A account balance. ( I need it in Microsoft word )

Explanation / Answer

A) Function = 10000(1+0.039/2)2t

Where. T = number of years i.e. 4,8,10 etc

For 4 years = 11670.73

8 years = 13270.73

10 years = 14714.47

18 years = 20041.96

21 years = 22504.2

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