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Alex wants to have $2500 in his bank account after 2 years. If the account earns 5% interest compounded 2 times per year, how much should he put in? Round to the nearest cent. A. $2042.36 B. $2183.45 C.
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Alex wants to have $2500 in his bank account after 2 years. If the account earns 5% interest compounded 2 times per year, how much should he put in? Round to the nearest cent. A. $2042.36 B. $2183.45 C. $2264.88 D. $2324.08

User Emanuella
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2 Answers

1 vote
2,500÷(1+0.05÷2)^(2×2)
=2,264.88
User Mahendran Kandiar
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8.3k points
4 votes
I think the answer is A. 2042.36
User Anderson Green
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8.0k points
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