Compound Interest
1. **State the problem:** Layla deposited 15000 in an account that compounds semiannually at an annual interest rate of 6% for 2 years. We need to find the amount in the account after 2 years.
2. **Identify the variables and formula:**
- Principal $P = 15000$
- Annual interest rate $r = 0.06$
- Number of times compounded per year $n = 2$ (semiannually)
- Time in years $t = 2$
The formula for compound interest is:
$$ A = P\left(1 + \frac{r}{n}\right)^{nt} $$
3. **Calculate the exponent and base:**
$$ nt = 2 \times 2 = 4 $$
$$ 1 + \frac{r}{n} = 1 + \frac{0.06}{2} = 1 + 0.03 = 1.03 $$
4. **Calculate the amount $A$:**
$$ A = 15000 \times (1.03)^4 $$
5. **Evaluate $ (1.03)^4 $:**
$$ (1.03)^4 = 1.12550881 $$
6. **Multiply to find $A$:**
$$ A = 15000 \times 1.12550881 = 16882.63 $$
7. **Interpretation:** After 2 years with semiannual compounding at 6%, the account balance is approximately 16882.63.
**Final answer:**
$$ \boxed{16882.63} $$