9514 1404 393
Answer:
$3281.79
Step-by-step explanation:
The compound interest formula is ...
A = P(1 +r/n)^(nt)
where A is the balance resulting from investment of P at annual rate r compounded n times per year for t years.
We have P=$3000, r=0.06, n=12, t=1.5, so the account balance is ...
A = $3000(1 +0.06/12)^(12·1.5) = $3000(1.005^18) ≈ $3281.79
There will be $3281.79 in the account after 18 months.
