You deposit $3000 into a bank account that pays 1.25% annual interest, compounded semi-annually. What is the final balance after 4 years

$3,153.32

Step-by-step explanation:

Given that

The deposited amount is $3,000

The annual interest rate is 1.25%

So, the semi-annual interest rate is 1.25% ÷2  = 0.625%

And, the time period = 4 × 2 = 8

We need to find out the final balance

So,

As we know that

Future value = Present value × (1 + rate of interest)^number of years

= $3,000 × (1 + 0.625%)^8

= $3,153.32

square root of 36/6 = 2.449489743

square root of 16/6 = 1.632993162

square root of 6 = 2.449489743

the answer is square root of 16/6 because the square root of 36/6 is the same answer as square root of 6 = 2.449489743