Respuesta :
Answer:
A = $4652.37
Step-by-step explanation:
Given:
Initial amount (P) = $4000
Interest rate (r) = 5.1 %
n = 2 (Compounding per year)
t = 3 years
Using Compound interest formula:
[tex]A =P(1+ r/n )^(nt)\\\\A = 4000( 1 + (0.051/2))^(2*3)\\A = $4652.37[/tex]
Answer:
[tex]A = 4652.37 \text{dollars}[/tex]
is the amount after 3 years!
Step-by-step explanation:
Data:
[tex]P[/tex] = 4000 initial amount
[tex]n[/tex] = rate at which the interest is applied per period = 2 times per year.
[tex]t[/tex] = periods = 3 years
[tex]n\times t[/tex] = number of times the interest is applied = 2*3= 6 times.
[tex]r[/tex] = interest rate = 5.1% = 0.051
Now we can use our compound interest formula:
[tex]A = P\left(1+\dfrac{r}{n}\right)^{n\times t}[/tex]
[tex]A = 4000\left(1+\dfrac{0.051}{2}\right)^{6}[/tex]
[tex]A = 4652.37 \text{dollars}[/tex]
is the amount after 3 years!
