Question

Interest is compounded semianually. Find the amount in the account after the given time. Principal Rate of Interest Time $2000 6% 3 years The amount in the account is $? (Round to the nearest cent)​

Answer 1

$2837.04

Explanation:

semi-annually = every 6 month

p=2000

i=6%

t=3 years = 6 periods

compound 6 times in 3years = (1+6%)^6 =1.418519

multiply principal of $2000 = 2837.04