Find the compound amount for the deposit. Round to the nearest cent.
-$\$ 7980$ at $3 \%$ compounded semiannually for 12 years
A) $\$ 11,407.43$
B) $\$ 11,377.57$
C) $\$ 10,852.80$
D) $\$ 9541.03$

Question

Quizplus · Accepted Answer

The correct answer is A because the compound amount is calculated as: $A = P(1 + r/n)^(nt)$, where $P$ is the principal, $r$ is the annual interest rate, $n$ is the number of times per year that the interest is compounded, and $t$ is the number of years. In this case, $P = \$7980$, $r = 3\%$, $n = 2$, and $t = 12$. Plugging these values into the formula, we get: $A = 7980(1 + 0.03/2)^(2*12) = 11407.43$.

Find the Compound Amount for the Deposit $7980\$ 7980$7980 At 3%3 \%3%

Find the Compound Amount for the Deposit $\$ 7980$ At $3 \%$