Question

Need a math genius...

Answer 1

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