Answer :
Answer:
The ending balance in the account is $70383.6
Step-by-step explanation:
Given as :
The invested principal = $51,300
The compounded interest semiannually = 4%
The time period = 8 years
Now from compounded method ,
[tex]Amount = Principal \times (1 + \frac{Rate}{2\times 100})^{2\times Time}[/tex]
Or, [tex]Amount = $51,300 \times (1 + \frac{4}{2\times 100})^{2\times 8}[/tex]
Or, Amount = $51,300 × [tex](1.02)^{16}[/tex]
Or, Amount = $51,300 × 1.372
∴ Amount = $70383.6
Hence, The ending balance in the account is $70383.6 Answer