Answer:
A = $2,779.16
Step-by-step explanation:
A = $2,779.16
A = P + I where
P (principal) = $1,778.00
I (interest) = $1,001.16
First, convert R as a percent to r as a decimal
r = R/100
r = 3/100
r = 0.03 rate per year,
Then solve the equation for A
A = P(1 + r/n)^nt
A = 1,778.00(1 + 0.03/2)^(2)(15)
A = 1,778.00(1 + 0.015)^(30)
A = $2,779.16
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $1,778.00 at a rate of 3% per year compounded 2 times per year over 15 years is $2,779.16.
