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Determine the final account balance of an investment if $300 is invested at an interest rate of 6.75% p.a. compounded semiannually for 20 years. Pls show full working out ty

Respuesta :

Answer:

Account balance after 20 years will be [tex]\approx1131.73[/tex]

Step-by-step explanation:

[tex]Given:\:P=300,\:r=0.0675,\:n=2,\:t=20\\\\A=P\left(1+\frac{r}{n}\right)^{nt}\\\\A=300\left(1+\frac{0.0675}{2}\right)^{2\cdot 20}\\\\A\approx1131.73[/tex]

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