DisguisedMvp DisguisedMvp

13-09-2016
Mathematics

Answered

Francisco has a savings account of $2,033.88. The interest at a rate of 3.9% compounded twice a year. What will the account balance be in 11 years?

A$770.94
B$932.18
C$1,567.15
D$1,975.81

Verified Answer :

nobillionaireNobley nobillionaireNobley

15-09-2016

Amount = P(1 + r/t)^nt = 2033.88(1 + 0.039/2)^(11 x 2) = 2033.88(1 + 0.0195)^22 = 2033.88(1.0195)^22 = 2033.88(1.5294) = $3110.60

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