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Effectus [21]
3 years ago
14

Please help me with this question

Mathematics
1 answer:
Rainbow [258]3 years ago
5 0

The amount in the account after the given time if compounded semiannually to the nearest cent 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

Principal = $1000

rate r = 5% = 0.05

time = 3years

n = 2 (semi annually)

Substitute the given parameters

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 to the nearest cent is $1104.20

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

#SPJ1

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