Answer:
[tex]A\text{ = \$1,498.38}[/tex]
Explanation:
Here, we want to get the total amount in the account
From the given question:
P is the deposited amount which is $800
r is the interest rate which is 8% = 8/100 = 0.08
t is the number of years which is 8 years
n is the number of times interest is compounded yearly which is semi-annually which means twice (2)
Now, we need to get A
Substituting the values above, we have it that:
[tex]\begin{gathered} A\text{ = 800(1 + }\frac{0.08}{2})^{8\times2} \\ \\ A\text{ = \$1,498.38} \end{gathered}[/tex]
