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Paolo Bonzini · Answer 1 · 2024-02-14T14:07:32+0000

Answer:

Second option:

$\boxed{ \$6,671.67}$

Explanation:

The equation for the amount accrued at 5.4% interest compounded semi-annually(twice a year) for an initial investment P for t years is already given:

$A = P\left(1 + (0.054)/(2)\right)^(2t)$

Plug in
P = $3000
t = 15 years

$A = 3000\left(1 + 0.054\right)^(2\cdot 15)\\\\A = 3000(1 + 0.027)^(30)\\\\A = 3000(1.027)^(30)\\\\A = 3000 (2.22389)\\\\A = \$6,671.67$
This is the second option

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