Answer:
Answer B
Explanation:
To calculate the total account balance after 6 months with monthly compounding interest, you can use the compound interest formula:
A = P(1 + r/n)^(n t)
Where:
A = the future account balance
P = the initial principal amount
r = the annual interest rate
n = the number of times the interest is compounded per year
t = the number of years
Now, plug these values into the formula:
A = 3520 × (1 + 0.0305/12)^(12 * 0.5)
A = 3520 × (1 + 0.00254166667)⁶
A = 3520 × (1.00254166667)⁶
A = 3520 × 1.01525
A ≈ 3574.02
So, the total account balance after 6 months is approximately $3,574.02.