Respuesta :
Answer:
$13,724
Step-by-step explanation:
From the above question, we are given the following values:
Principal = P = $12,000
Interest = r = 2.25% = 0.0225
Compounded semi annually = n = 2
Time (t) = 6 years
From the question, we understand that we are to find the total (full) Amount Karen withdrew.
The formula to use to calculate the Total Amount of money given that this is a compound interest question is:
Total(full) Amount = P( 1 + r/n) ^n/t
= $12,000( 1 + 0.0225/2) ^2×6
= $12,000(1.01125)^12
= $13724.093289
Approximately to the nearest cent
≈ $13,724
Therefore, Karen withdrew $13,724 from the account.
Karen Gaines invested $14000 in a money market account with an interest rate of 2.75% compounded semiannually. Six years later, Karen withdrew the full amount to put toward the down payment
Round to the nearest cent as needed.)