Question

Elliot has deposited $723 in a savings account that earns interest at a rate of 2.9% compounded twice a year. What will the account balance be in 23 years? (2 points)

Select one:
a. $826.02
b. $743.97
c. $1,401.95
d. $2,096.70

Answer 1

A=P(1+r/n)^(nt) where n= number of times compounded yearly, t= time and p= principle

A=723(1+.029/2)^(2*23)

A=$1,401.95 So C