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2 years ago

6. Interest is compounded semianually. Find the amount in the account after the given time.

Mathematics

1 answer:

patriot [66]2 years ago

5 0

The amount in the account after the given time if compounded semiannually is $1104.2

<h3>Compound interest </h3>

Interest is any amount added on a sum of money over a period of time. The formula for calculating the compound interest is:

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

Given

P = $1000

rate r = 0.05

time =3years

n = 2

Substitute

A = 1000(1 + 0.05/3)^3(2)
A= 1000(1.1042)
A = $1104.2

Hence the amount in the account after the given time if compounded semianually is $1104.2

Learn more on compound interest here: brainly.com/question/24924853

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