Register
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.
68.6k views
1 vote
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
8.1k points

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
by
7.9k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
The cost of 5 similar digital cameras and 3 similar video cameras is 3213. Each video camera costs 4 times as much as each digital camera. John buys a digital camera and a video camera. How much does he
Link Copied!