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12 August, 00:57

Nat put $550 in an account which pays four percent interest, compounded semiannually. How much will be in the account in three years?

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  1. 12 August, 01:01
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    The final answer will be rounding it up to $619.

    Step-by-step explanation:

    4% = 0.04

    1 represents 100%

    therefore,

    ((1 + 0.04) ^3) x 550

    = (1.04^3) x 550

    = 1.124864 x 550

    = $618.6752

    The final answer will be rounding it up to $619.
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