3. find the compound amount. round to the nearest cent. amount: $23,400 rate: 3% compounded: semiannually time (years): 10 $31,516.52 $27,156.64 $26,910.00 $31,447.73

Using Compound interest formula:

The exponential function for calculating the amount of money after t years, A(t), where P is the initial amount or principal, the annual interest rate is r and the number of times interest is compounded per year is n, is given by


from the given information:
p = 23,400 , r = 0.03 , t =10  and compounded semiannually ⇒⇒⇒ n = 2

Amount after 10 years =
= 31,516.4

Idon’t actually know but have you asked google yet