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Investing $12,000 in a savings account at 2% annual interest compounded semiannually will result in approximately how much money after 5 years

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Answer:

A = $12,000 • ( 1 + 0.002/2)2•5 = $12,000 • (1.01)10 = $12,000 • 1.1046

≅ $13,255

carlyrosefire
2% of $12,000 is $240. semiannually means twice a year, so $480 interest per year x 5 years is $2,400 & 12,000 + 2,400 =$14,400.

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