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san4es73 [151]
3 years ago
8

Loretta invested $3000 into account that earns 6% compounded semiannually how many times will Loretta entrance after keeping the

money in the account for five years
Mathematics
1 answer:
Sonbull [250]3 years ago
4 0

Answer:

$4031.75

Step-by-step explanation:

   A = P(1+r/n)^nt       P = 3000    n semi-annually = 2       rate = 0.06    t = 5

      =  3000(1+0.06/2)^((2)(5))

      =  3000 ( 1+ 0.03)^10

      =  3000(1.03)^10            use calculator now

      =  3000(1.343916379)

      =  $4031.75

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