Answer :
Answer:
[tex]1729.38[/tex]
Step-by-step explanation:
Compound Interest Formula
A formula can be used when calculating the balance an account gains from compounding the initial deposit for n times a year--for t years--with an interest rate of r,
[tex]A=P\left(1+\dfrac{r}{n}\right)^{nt}[/tex],
where r is in decimal form.
[tex]\dotfill[/tex]
Solving the Problem
From the problem we know
- P = 1500
- r = 0.048,
- t = 3,
- n = 2 ("semi-" means two),
all we have to do is plug it in and compute!
[tex]A=1500\left(1+\dfrac{0.048}{2}\right)^{(2)(3)}[/tex]
[tex]A=1500\left(1.024\right)^{6}=1729.38[/tex]
