Find the balance in the account. $4,100 principal earning 2.25%, compounded semi-annually, after 12 years a. $5,362.76 b. $5,354.80 c. $4,689.07 d. $100,614.00

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asked Mar 10, 2022 199k views

4 votes

Find the balance in the account.

$4,100 principal earning 2.25%, compounded semi-annually, after 12 years

a. $5,362.76

b. $5,354.80

c. $4,689.07

d. $100,614.00

Mathematics
college

Erik Funkenbusch asked

by Erik Funkenbusch

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1 Answer

2 votes

Answer:

A = P(1 +(r)/(n))^(nt)

P = 4100

r = 2.25% = 0.0225

n= 2

t= 12

$A = 4100(1 + (0.0225)/(2))^(24)\\$

$= 4100 *1.01125^(24)\\\\= \$ 5362.76$

Option a.

Jason Zhao answered Mar 15, 2022

by Jason Zhao

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