Lea invests $8,333 in a savings account with a fixed annual interest rate of %8 compounded 2 times per year. what will the account balance be after 12 years?

$21,360.01

Step-by-step explanation:

Formula for compound interest :

A = Future amount

P = Principal amount ( $8,333)

r = rate of interest 8% (0.08)

n = number of compounding in a year (2)

t = time in years (12)

A = 8,333(2.56330416)

A = 21,360.0136 ≈ $21,360.01

The account balance would be $21,360.01 after 12 years.

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step-by-step explanation:

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