Question

5700 is compounded semiannually at a rate of 15% for 12 years

Answer 1

$32,335.38

Explanation:

You are going to want to use the compound interest formula, which is shown below.

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

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Now lets plug in the values into the equation:

`5,700(1+(.15)/(2))^(12(2))` = 32,335.38

Your answer is $32,335.38