Answer: $ 3446.7972 will be the balance of his account.
Step-by-step explanation:
Here the principle amount of the saving account, P = $ 3300
And, the Annual percentage of interest, r = 4.4%
Number of years = 1
Thus, the amount after getting semiannual compound interest is,
[tex]A = P (1+\frac{r/2}{100} )^2[/tex]
⇒ [tex]A = 3300 (1+\frac{4.4/2}{100} )^2[/tex]
⇒ [tex]A = 3300(1+\frac{2.2}{100} )^2[/tex]
⇒ [tex]A = 3300(\frac{102.2}{100} )^2[/tex]
⇒ [tex]A = 3300\times \frac{102.2}{100}\times \frac{102.2}{100}[/tex]
⇒ A = 3300 × 1.022 × 1.022 = $ 3446.7972
Thus, the balance of his account after all the interest is paid for the year is $ 3446.7972
