Answer:
Perry's account balance after 13 years=$4,170.71
Step-by-step explanation:
The account balance after a given amount of time can be expressed as;
A=P(1+r/n)^nt
where;
A=Future value of investment
P=Initial value of investment
r=Annual interest rate
n=number of times the interest is compounded annually
t=total period of investment
In our case;
P=$2,832
r=3%=3/100=0.03
n=2
t=13 years
Replacing;
A=2,832(1+0.03/2)^(2×13)
A=2,832(1.015)^26
A=4,170.71
Perry's account balance after 13 years=$4,170.71
