Question

$1250 is invested at a rate of 5.7% that is compounded semiannually how much money is in the account after 3 years

Answer 1

Using the formula

`A=p(1+(r)/(n))^(nt)`

From the question,

P=$1250 r=0.057 t=3 n=2

Substitute the values into the formula and evaluate

`A=1250(1+(0.057)/(2))^(2*3)`
`=1250(1+0.0285)^6`
`=1250(1.0285)^6`
`=\text{ \$1479.57}`