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aceops23
aceops23 aceops23
  • 26-07-2016
  • Mathematics
Answered

George deposited $750.00 into an account that earns 7% interest which is compounded 2 times per year. How much money will George have in his account in 5 years?

Verified Answer :

nobillionaireNobley
nobillionaireNobley nobillionaireNobley
  • 26-07-2016

Amount in compound interest = p(1 + r/t)^nt where p is the initial
deposit, r = rate, t = number of compunding in a period and n = period.

Here,
Amount after 5 years = 750(1 + (7/100)/2)^(5 x 2) = 750(1 +
0.07/2)^10 = 750(1 + 0.035)^10 = 750(1.035)^10 = 750(1.410599) =
$1,057.95

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