Question

$1250 is invested at a rate of 5.7% that is compounded semiannually how much money is in the account after 3 years

Answer 1

Using the formula

$A=p(1+\frac{r}{n})^{nt}$

From the question,

P=$1250 r=0.057 t=3 n=2

Substitute the values into the formula and evaluate

$A=1250(1+\frac{0.057}{2})^{2\times3}$$=1250(1+0.0285)^6$$=1250(1.0285)^6$$=\text{ \ 1479.57}$