Question

Brenda invest $4848 in a savings account with a fixed annual interest rate of 15% compounded two times per year what will the account balance be after six years

Answer 1

2586 that Ian sndhdjdhjdjd

Answer 2

After six years, account balance will be $11546.87

Explanation:

Given

Principal amount, P = $4848

rate of interest, r = 15% = 15/100 = 0.15

no. of times interest compounded per year, n = 2

times, t = 6 years

To find : Account balance, A = ?

We know that the formula to calculate final amount when interest in compounded is:

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

Substituting the known values in above formula, we get

A = 4848 *
`(1 + (0.15)/(2) )^(2*6)`

= 4848 *
`(1 + 0.075 )^(12)`

= 4848 * 2.382

= $11546.87