A principal amount of $2,975 is placed in a savings account with an annual interest rate of 4.37% compounded semi-annually. What is the total account balance after 15 years? $2,675.96 $2,714.86 $5,650.96 $5,689.86

A principal amount of $2,975 is placed in a savings account with an annual interest rate of 4.37% compounded semi-annually. What is the total account balance after 15 years? $2,675.96 $2,714.86 $5,650.96 $5,689.86

Elementary Geometry For College Students, 7e

7th Edition

ISBN:9781337614085

Author:Alexander, Daniel C.; Koeberlein, Geralyn M.

Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.

ChapterP: Preliminary Concepts

SectionP.CT: Test

Problem 1CT

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Question

A principal amount of $2,975 is placed in a savings account with an annual interest rate of 4.37% compounded semi-annually. What is the total account balance after 15 years?

$2,675.96

$2,714.86

$5,650.96

$5,689.86

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