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Eddie deposited $1200 into an account that earns 3% interest compounded 2 times per year. How much money will Eddie have in his account after 7 years? Round to the nearest cent.…

Eddie deposited $1200 into an account that earns 3% interest compounded 2 times per year. How much money will Eddie have in his account after 7 years? Round to the nearest cent.…
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Eddie deposited $1200 into an account that earns 3% interest compounded 2 times per year. How much money will Eddie have in his account after 7 years? Round to the nearest cent.

User Darren Cheng
by
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1 Answer

4 votes
A=p(1+i/m)^mn
A=1,200×(1+0.03÷2)^(2×7)
A=1,478.11
User Qerts
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7.9k points
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