Correct Answer: Option A
Principal Amount = P = $23,400
Interest rate = r = 3% = 0.03
Time = t = 10
Number of compounding periods in a year = n = 2
Compounded amount = A = ?
Formula for compound interest is:
Using the values, we get:
Option A is the closest one, so its the correct answer
Principal Amount = P = $23,400
Interest rate = r = 3% = 0.03
Time = t = 10
Number of compounding periods in a year = n = 2
Compounded amount = A = ?
Formula for compound interest is:
Using the values, we get:
Option A is the closest one, so its the correct answer