Sam Monte deposits $21,500 into Legal Bank which pays 6 percent interest that is compounded semiannually. What will Sam have in his account at the end of 6 years?

Question

Mathematics

Sofia Horn

9 April, 07:44

Sam Monte deposits $21,500 into Legal Bank which pays 6 percent interest that is compounded semiannually. What will Sam have in his account at the end of 6 years?

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Jamison Hoover · Answer 1

=P (1+r) t where P is the principal, r is the rate (over the compounding period, expressed as a decimal), and t is the number of periods to compound over.

its A=P (1+/n) ^nt