Question

how do you do compound interest for this problem

Find the accumulated value of an investment of $ 15 comma 000 for 3 years at an interest rate of 6 % if the money is a. compounded semiannually; b. compounded quarterly; c. compounded monthly d. compounded continuously. Round answers to the nearest cent.

a. What is the accumulated value if the money is compounded semiannually?

Step 1

to calculate the compound interest for the given data

Step 2

The compound interest is determined by substituting the given values in the above formula. Here P represents the amount invested ($15000), r is the interest ra...

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