A man deposits $ 14,850 into a bank, which pays 4% interest that is compounded semiannually. What will he have in his account at the end of three years?​

Given:

Principal = $14850

Rate of interest = 4% compounded semiannually.

Time = 3 years

To find:

The amount after 3 years.

Solution:

Formula for amount is:

Where, P is principal, r is the rate of interest in decimal, n is the number of times interest compounded and t is the number of years.

The interest is compounded semiannually, so n=2.

Putting in the above formula, we get

On further simplification, we get

Therefore, the amount in the account after three years is $16723.51.

the answer is d. 75%

arrange the equations with like terms in columns.

analyze the coefficients of x or y.

add the equations and solve for the remaining variable.

substitute the value into either equation and solve.

check the solution.

step-by-step explanation: