Question

Antonio invests 3000 at .10 interest compounded semianually for 12 years. Use the compound interest formula to calculate the compound amount for his investment

Answer 1

A=9675.299

Explanation:

A=p(1+r)^t

A compound amount

P is the principle amount invested

r : rate ( semiannually is 0.5 )

t=years ( semiannually 12*2=24)

A=3000(1+0.10/2)^24

A=9675.299