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Jessica deposits $300 into a savings account that pays an annual interest rate of 2%, compounded twice a year. How much money will Jessica have in her account at the end of one year?
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Jessica deposits $300 into a savings account that pays an annual interest rate of 2%, compounded twice a year. How much money will Jessica have in her account at the end of one year?

User Ivan Velichko
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2 Answers

5 votes
A=300×(1+0.02÷2)^(2)
A=306.03
User David Deprost
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6 votes
$312 would be in the account. 2% of $300 is $6 and if interest rates are compounded twice a year it would be $12 extra at the end of the year. 
User Ulmaxy
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