Question

How much interest would an account earn if 3,000 is invested at an interest rate of 4.8% compounded semiannually for 2 years

Answer 1

(See attached graphic)
Total = 3,000 * (1 + .048/2)^2*2
Total = 3,000 * (1.024)^4
Total = 3,000 * 1.0995116278
Total = 3,298.53