Concept explainers
To calculate: The total amount to the nearest cent.
Answer to Problem 27PPS
The total amount is $15496.72.
Explanation of Solution
Given information: The principal amount is $14,750, rate of compound interest is 5%, 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 = $14,750, r =
The total amount is $15,496.72.
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