You deposit $300 in a savings account that pays 6% interest compounded semiannually. How much will you have at the middle of the first year? How much at the end of one year?

Please check the explanation.

Step-by-step explanation:

a)  How much will you have at the middle of the first year?

Principle P = $300

Annual rate r = 6% = 0.06 per year

Compound n = Semi-Annually = 2

Time (t in years) = 0.5 years

Total amount = A = ?

Using the formula

substituting the values

$

Therefore, the total amount accrued, principal plus interest,  from compound interest on an original principal of  $ 300.00 at a rate of 6% per year  compounded 2 times per year  over 0.5 years is $ 309.00.

Part b) How much at the end of one year?

Principle P = $300

Annual rate r = 6% = 0.06 per year

Compound n = Semi-Annually = 2

Time (t in years) = 1 years

Total amount = A = ?

Using the formula

so substituting the values

$

Therefore, the total amount accrued, principal plus interest,  from compound interest on an original principal of  $ 300.00 at a rate of 6% per year  compounded 2 times per year  over 1 year is $ 318.27.

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