Mike invests $4000 in an account that earns 3% annual interest. How much money will there be in the account after 3 years if the interest is compounded semi-annually?

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asked Sep 13, 2023 90.9k views

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TBP · Answer 1 · 2023-09-17T16:54:11+0000

Answer:

$4786.72

Explanation:

4000(1+0.03/6)^12(3)

Use this formula to find the compounded interest after each 6 months, which would have an interest rate used to increase the amount of money.

Mike invests $4000 in an account that earns 3% annual interest. How much money will there be in the account after 3 years if the interest is compounded semi-annually?

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