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?

check_circleExpert Solution
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:

...
nt
A P1
where A is the amount of money accumulated after n years
including interest
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nt A P1 where A is the amount of money accumulated after n years including interest

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