If $6200 is invested in a savings account for which interest is compounded semiannually, and if the $6200 turns into $7100 in 3 years, what is the interest rate of the savings account? a.14.02% b. 3.42% c. 6.89% d.4.57%

Option D is correct.

Step-by-step explanation:

Given: P = $ 6200

           T = 3 year

            A = 7100

We have to find rate when compounded semi annually.

let say Rate be R

Formula used for Compound interest is given as,

here it becomes

R = 4.56960450112

R = 4.57 %

Therefore, Option D is correct.

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step-by-step explanation: