Brenda invest $4848 in a savings account with a fixed annual interest rate of 15% compounded two times per year what will the account balance be after six years

After six years, account balance will be $11546.87

Step-by-step explanation:

Given

Principal amount, P = $4848

rate of interest, r = 15% = 15/100 = 0.15

no. of times interest compounded per year, n = 2

times, t = 6 years

To find : Account balance, A = ?

We know that the formula to calculate final amount when interest in compounded is:

A = P

Substituting the known values in above formula, we get

A = 4848 *  

   = 4848 *

   = 4848 * 2.382

   = $11546.87

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