michelle deposited a certain sum of money in a savings account on july 1 st , 2007 . she earns an 6.4 % interest compounded semiannually . the sum of money in the account on december 31 st , 2009 is approximately what percent of the initial deposit ?
since michelle earns 6.4 % interest compounded semiannually , then she earns 3.2 % interest every 6 months . now , the simple interest earned in 5 periods ( 30 months = 5 * 6 months ) would be 3.2 % * 5 = 16 % . but , since the interest iscompoundedevery 6 months , then there would be interest earned on interest ( very small amount ) thus the actual interest earned would be a little bit more than 16 % , only answer choice a fits . answer : a
multiply(power(add(const_1, divide(divide(6.4, const_100), const_2)), add(const_2, const_3)), const_100)