Question

Find the final amount of money in an account if

$
3
,
600
is deposited at
2
%
interest compounded semi-annually and the money is left for
8
years.

The final amount is $
. Round to the nearest cent.

Answer 1

The final amount of cash in the account would be $4,221.28.

Explanation:

This is calculated using the formula for compound interest, where the principal amount ($3,600), interest rate (2%), and compounding period (semi-annually) are taken into account over the duration of 8 years.