Question

A young college student puts $2,500 in savings into a special bank account. The account earns interest at a rate of 3%, compounded 6 times per year. The bank account matures after 2 years, when the college student may withdraw the funds. How much money will the account have at maturation?

Answer 1

2500(1 + .03/6)^12 = 2654.19
Your answer is $2654.2
Hope this helps!