Kathy invested $25,000 for her son’s education. It will be 10 years before he needs the money. Kathy was able to invest it at 8.25 percent compounded semiannually. Using the following compound interest formula, how much will he have at the end of 10 years?
Where:
A is the total amount.
p is the principal.
r is the rate of interest.
t is the time in years.
n is the number of periods per year.
$56,110.00
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