Question

How much will be in your savings account if you invested $250 at 6.3% interest compounded semiannually after 8 years

Answer 1

$664.47

Explanation:

A = P(1+i/m)^mn

A = 250(1+0.063/2)^2*8

A = 250(1.063)^16

A = 250*2.657861

A = $664.46525

A = $664.47