Kali invests $1,000 in a retirement
account with a fixed annual interest rate of
5% compounded semiannually. How
long will it take for the account balance to
reach $3,000?

It will take Kali 40 years to get his balance to $3,000.

Step-by-step explanation:

5% intrest of 1,000 is 50, that is the amount of money that he will get per year.

If you subtract 1,000 off of 3,000 it is 2,000, that is the money needed to get to 3,000 dollars on his bank account.

Kali gets $50 a year, and he needs $2,000 to get to $3,000.

If you divide 2,000 by 50, you will get 40. This is the amount of years needed to get his bank account up to $3,000 without further investments.

step-by-step explanation:

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