3. find the compound amount. round to the nearest cent. amount: $23,400 rate: 3% compounded: semiannually time (years): 10 a.)$31,516.52 b.)$27,156.64 c.)$26,910.00 d.)$31,447.73

Correct Option A

Principal Amount = P = $23,400
Interest rate = r = 3% = 0.03
Time = t = 10
Number of compounding periods in a year = n = 2
Compounded amount = A = ?

Formula for compound interest is:



Using the values, we get:



Option A is the closest one, so its the correct answer

Bis the correct answer