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

Question

3 years ago

8

money in the account for five years

1 answer:

Sonbull [250] · Answer 1 · 2022-03-09T09:32:45+03:00

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