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Posted by on Tuesday, June 24, 2014 at 7:09pm.

John Lee's savings account has a balance of $4494. After 3 years, what will the amount of interest be at 5% compounded semiannually?

  • math-help - , Tuesday, June 24, 2014 at 7:28pm

    I got $674.10

  • math - , Tuesday, June 24, 2014 at 11:08pm

    amount after 3 years at 5% pa compounded semiannually
    = 4494(1.025)^6 = 5211.66

    so interest = 5211.66-4494 = 717.66

  • math - , Wednesday, June 25, 2014 at 9:01am

    Thanks:)

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