Question

Select the correct answer from each drop-down menu.

Samuel received $250 as prize money for winning the St. Peterson High School Badminton Tournament. The money was deposited in a special scholarship account that offered an annual interest of 1.8% compounded semiannually. The amount he will have in the account after t years can be calculated using the expression below.

250(1+0.018/2)^2t

Use the given expression to complete the statements below.

The expression is the *blank* of the amount initially deposited and the *blank* of one and the rate of increase raised to the number of *blank*

1st Blank:
Product
Sum
Quotient
Square

2nd Blank:
Quotient
Product
Difference
Sum

3rd Blank:
Compounding Periods
Years
Months

Answer 1

Answer: 1st Blank: Product

2nd Blank: Sum

3rd Blank: Years

I'm sorry I get this wrong, please tell me if it is wrong.

Answer 2

Product, sum, and years

Explanation:

The compound interest formula is -

`A=P(1+(r)/(n))^(nt)`

where P = 250

r = 1.8% or 0.018

n = 2 (semiannually)

t = t

The given scenario can be modeled as:

`250(1+(0.018)/(2))^(2t)`

We have to fill in the blanks:

The expression is the PRODUCT of the amount initially deposited($250) and the SUM of one and the rate of increase(1.8%) raised to the number of compounding period and YEARS (2t).