Question

A savings account offers 0.8% interest compounded bimonthly. If Bob deposited $300 into this account, how much interest will he earn after 10 years?​

Answer 1

$288

Explanation:

We first need to find what 0.8% of 300 makes and to do that we multiply 300 with 0.8 and divide that by 100

300*(0.8)/100 = 2.4 this is the monthly interest

Now we need to find how much it'd be after 10 years

There are 10*12 = 120 months in 10 years

120*(2.4) = 288 is the interest Bob will earn after 10 years