Question

Loretta invested $3000 into account that earns 6% compounded semiannually how many times will Loretta entrance after keeping the money in the account for five years

Answer 1

$4031.75

Explanation:

A = P(1+r/n)^nt P = 3000 n semi-annually = 2 rate = 0.06 t = 5

= 3000(1+0.06/2)^((2)(5))

= 3000 ( 1+ 0.03)^10

= 3000(1.03)^10 use calculator now

= 3000(1.343916379)

= $4031.75