2) Solve the problem.
1 answer:
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Answer:
D) $11,499.63
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 4% into a decimal:
4% -> -> 0.04
Since the interest is compounded 6 times a year, we will use 6 for n. Lets plug in the values now:
Your answer is D) $11,499.63