You invest $500 in a savings account that earns 5% interest semi-annually. How much will you have in the account after 3 years? Ο $575.00 $579.85 Ο $578.81
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Step 1: The formula for compound interest is given by: $A = P(1 + \frac{r}{n})^{nt}$ where: A = the future value of the investment/loan, including interest P = the principal investment amount (the initial deposit or loan amount) r = the annual interest rate Show more…
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