Question

Asked Sep 2, 2019

Karen gaines invested $15,000 in a money market account with an interest rate of 2.75% compounded semiannually. Four years later , karen withdrew the full amount to put toward the down payment on a new house. How much did she withdraw?

Step 1

__Given information:__

Principal amount (*P*)= $15,000

Rate of interest (*r*)= 2.75% = 0.0275

Time (*t*) = 4 years

Compounded semi-annually (*n*) = 2

Step 2

*Compound interest formula:*

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