Question

The apr of jalen's savings account is 4.4%, and interest is compounded semiannually. if the principal in jalen's savings account was $3300 for an entire year, what will be the balance of his account after all the interest is paid for the year?

Answer 1

Answer: $ 3446.7972 will be the balance of his account.

Step-by-step explanation:

Here the principle amount of the saving account, P = $ 3300

And, the Annual percentage of interest, r = 4.4%

Number of years = 1

Thus, the amount after getting semiannual compound interest is,

$A = P (1+\frac{r/2}{100} )^2$

⇒ $A = 3300 (1+\frac{4.4/2}{100} )^2$

⇒ $A = 3300(1+\frac{2.2}{100} )^2$

⇒ $A = 3300(\frac{102.2}{100} )^2$

⇒  $A = 3300\times \frac{102.2}{100}\times \frac{102.2}{100}$

⇒ A = 3300 × 1.022 × 1.022 = $ 3446.7972

Thus, the balance of his account after all the interest is paid for the year is $ 3446.7972

Answer 2

$3,300 X 1.022 X 1.022 = $3,446.80

Hope I helped :)