Concept explainers
To calculate: The total amount to the nearest cent.
Answer to Problem 26PPS
The total amount is $2671.60
Explanation of Solution
Given information: The principal amount is $2500, rate of compound interest is 6.75% per annum, number of year = 1. The interest is compounded twice a year.
Formula used: The compound interest formula is
Where, A = Total amount including interest, P = principal amount, r =annual rate of interest, n = number of compounding periods, t = the number of years.
Calculation:
In the problem given,
P = $2500, r =
The total amount is $2671.60
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