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Sagot :
Solution:
An amount compounded is given as;
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ \text{Where;} \\ P=\text{ amount invested;} \\ r=\text{ interest rate;} \\ n=\text{ number of times interest applied per time period;} \\ t=\text{ number of time period elapsed.} \end{gathered}[/tex]Given that;
[tex]\begin{gathered} P=163,300 \\ r=0.0375 \\ n=2 \\ t=4 \end{gathered}[/tex]Thus, we have;
[tex]\begin{gathered} A=163300(1+\frac{0.0375}{2})^{2\times4} \\ A=163300(1.01875)^8 \\ A=189464.20 \end{gathered}[/tex]Thus, the interest accrued in the first 4 years is;
[tex]\begin{gathered} I=A-P \\ I=189464.20-163300 \\ I=26164.20 \end{gathered}[/tex]FINAL ANSWER: $26,164.20
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