Respuesta :
Answer:
After six years, account balance will be $11546.87
Step-by-step explanation:
Given
Principal amount, P = $4848
rate of interest, r = 15% = 15/100 = 0.15
no. of times interest compounded per year, n = 2
times, t = 6 years
To find : Account balance, A = ?
We know that the formula to calculate final amount when interest in compounded is:
A = P [tex](1 + \frac{r}{n} )^{nt}[/tex]
Substituting the known values in above formula, we get
A = 4848 * [tex](1 + \frac{0.15}{2} )^{2*6}[/tex]
= 4848 * [tex](1 + 0.075 )^{12}[/tex]
= 4848 * 2.382
= $11546.87
