Question

5700 is compounded semiannually at a rate of 15% for 12 years

Answer 1

Answer:

$32,335.38

Step-by-step explanation:

You are going to want to use the compound interest formula, which is shown below.

$P(1+\frac{r}{n} )^{nt}$

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Now lets plug in the values into the equation:

$5,700(1+\frac{.15}{2})^{12(2)}$ = 32,335.38

Your answer is $32,335.38