Question

Joe deposits $2500 in a savings account that pays 5% compounded interest semiannually . What is his balance after one year.

Answer 1

$2626.56

Explanation:

Formula:

`AV=PV(1+(i)/(n))^(nt)\\2500(1+(.05)/(2))^(2*1)\\2500(1.025^2)=2626.5625`

which rounds to

2626.56

Answer 2

here is your answer.....

Explanation:

given,

principal (p)= 2500

rate (r)= 5%

time(t)= 1 yrs

now,

(from above photo it continue)