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The principal $3000 is accumulated with 3% interest, compounded semiannually for 6 years.
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The principal $3000 is accumulated with 3% interest, compounded semiannually for 6 years.

User David Beech
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1 Answer

6 votes
The formula is
A=p (1+r/k)^kt
A accumulated amount?
P principle 3000
R interest rate 0.03
K compounded semiannually 2
T time 6 years
A=3,000×(1+0.03÷2)^(2×6)
A=3,586.85
User Tom Warner
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