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2 years ago

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Nora's savings account has a balance of $3979. After 4 years, what will the amount of interest be at 12% compounded semiannually

? a. $2367.92 c. $2362.92 b. $4774.80 d. $2353.92

2 answers:

alexgriva [62]2 years ago

7 0

The correct answer is C.<span>$2362.92</span>

guapka [62]2 years ago

4 0

Answer:

Option C $I=\$2,362.92$

Step-by-step explanation:

we know that

The compound interest formula is equal to

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

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

$t=4\ years\\ P=\$3,979\\ r=0.12\\n=2$

substitute in the formula above

$A=\$3,979(1+\frac{0.12}{2})^{2*4}$

$A=\$6,341.92$

Find the amount of interest

$I=\$6,341.92-\$3,979=\$2,362.92$

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