Respuesta :
Answer is A. A=3500(1+0.0675)12×05. A=3500×1.005625 to the 6power. A=3500×1.034228. A=3.619.80
Answer:
a. $3,619.80
Step-by-step explanation:
The formula for compound interest is
[tex]A=p(1+\frac{r}{n})^{nt}[/tex], where p is the amount of principal, r is the interest rate, n is the number of times per year the interest is compounded, and t is the number of years.
The principal is $3500; the interest rate is 6.75% = 6.75/100 = 0.0675; since it is compounded monthly, n is 12; and t is 0.5:
[tex]A=3500(1+\frac{0.0675}{12})^{12(0.5)}\\\\A=3500(1+0.005625)^6\\\\A=3500(1.005625)^6\\\\A=3619.798644\approx 3619.80[/tex]
