Question

George deposit is $750 into an account that earns 7% interest which is compounded two times per year how much money was George have in his account in five years

Answer 1

$1475.40

Explanation:

Since the interest is two times per year for 5 years, do this 10 times:

1) 750*0.07=52.5

750+52.5=802.5

2) 802.5*0.07=56.18

802.5+56.18=858.69

3) 858.69*0.07=60.11

858.69+60.11=918.79

4) 918.79*0.07=64.32

918.79+64.32=983.11

5) 983.11*0.07=68.82

983.11+68.82=1051.93

6) 1051.93*0.07=73.64

1051.93+73.64=1125.57

7) 1125.57*0.07=78.79

1125.57+78.79=1204.36

8) 1204.36*0.07=84.31

1204.36+84.31=1288.67

9) 1288.67*0.07=90.21

1288.67+90.21=1378.88

10) 1378.88*0.07=96.52

1378.88+96.52=1475.40