Carla invested $1000 in savings bonds. if the bonds in 6.75% interest compounded semi-annually, how much total will karla earn in 15 years?

Karla will earn $2,706.86 in 15 years.

Step-by-step explanation:

The compound interest formula is given by:

Where A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.

In this exercise, we have that:

Carla invested $1000 in savings bonds. This means that

Semiannually is twice an year, so

6.75% interest, so .

How much total will Karla earn in 15 years?

This is A when t = 15.

So

Karla will earn $2,706.86 in 15 years.

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