Solve.
-Hector borrows $3750 at a rate of 9% compounded semiannually. Find how much Hector owes at the end of 5 years. Use: $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$. Round to two decimal places.
A) $\$ 5823.64$
B) $\$ 4673.18$
C) $\$ 39,187.50$
D) $\$ 6406.00$

Question

Quizplus · Accepted Answer

Using the compound interest formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$, where $P = 3750$, $r = 0.09$, $n = 2$ (since it's compounded semiannually), and $t = 5$, we calculate $A = 3750 \left( 1 + \frac { 0.09 } { 2 } \right) ^ { 2 \times 5 }$ which equals approximately \$5823.64.

Solve -Hector Borrows $3750 at a Rate of 9% Compounded A=P(1+rn)ntA = P \left( 1 + \frac { r } { n } \right) ^ { n t }A=P(1+nr​)nt

Solve
-Hector Borrows $3750 at a Rate of 9% Compounded $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$