The $378.49 was earned on the investment if the principal amount of $3000 is invested for 3 years at 4% compounded semi-annually.
<h3>What is compound interest?</h3>
It is defined as the interest on the principal value or deposit and the interest which is gained on the principal value in the previous year.
We can calculate the compound interest using the below formula:
Where A = Final amount
P = Principal amount
r = annual rate of interest
n = how many times interest is compounded per year
t = How long the money is deposited or borrowed (in years)
Here,
P = $3000
r = 4% = 0.04
n = 2
t = 3 years
After plugging all the values in the formula:
After solving:
A = $3,378.49
I = A - P = 3,378.49 - 3000 = $378.49
Thus, the $378.49 was earned on the investment if the principal amount of $3000 is invested for 3 years at 4% compounded semi-annually.
Learn more about the compound interest here:
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Answer:
Collette had 6 manicures done last year.
Step-by-step explanation:
Since Collette's mom has 67% more manicures than Collette (2 more for every 3), and that difference represented 4 manicures in total, then:
let x be the number of manicures that Collette had during last year.
4 / x = 2/3
2x = 12
x = 6
Answer: Sara multiplied by 3 when she should have multiplied by 8.
Step-by-step explanation:
21 : 7*8
7*8 = 56
21 : 56
The simplest form of this ratio is 3 : 8
Sent a picture of the solution to the problem (s).
Answer:
its 25
Step-by-step explanation:
i did it already