Question

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

Answer 1

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