Respuesta :

Answer: 508.81

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Work Shown:

3 & 1/2 = 3 + 1/2 = 3 + 0.5 = 3.5

3.5% = 3.5/100 = 0.035

r = 0.035 is the decimal form of [tex]3\frac{1}{2}\%[/tex] which is used along with

  • P = 500 (principal deposit)
  • n = 12 (compounding 12 times a year)
  • t = 0.5 (6 months is half a year)

to get the following

A = P*(1+r/n)^(nt)

A = 500*(1+0.035/12)^(12*0.5)

A = 508.81405074594

A = 508.81

Extra info: Gabe earned A-P = 508.81 - 500 = 8.81 dollars in interest.

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