Will fan and medal if you help me with these two questions!

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- rockinhood

Will fan and medal if you help me with these two questions!

- schrodinger

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- adll23

what questions?

- rockinhood

Elliot has deposited $723 in a savings account that earns interest at a rate of 2.9% compounded twice a year. What will the account balance be in 23 years?
Logan opened a savings account 21 years ago with a deposit of $3,471.52. The account has an interest rate of 3.1% compounded monthly. How much interest has Logan earned?

- rockinhood

I've literally been stuck on them for an hour, and it's no longer fresh on my mind as to how to do them.

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## More answers

- zpupster

\[A=P(1+\frac{ r }{ n })^{nt}\]
"A" is the ending amount
"P" is the beginning amount
"r" is the interest rate (expressed as a decimal)
"n" is the number of compoundings a year
"t" is the total number of years.
n = 2

- zpupster

A= 723(1+.0029/2)^2*23

- zpupster

next is same just plug in your values except n=12 and r=.0031
P and t should be obvious from the problem

- rockinhood

I'll be sure to ask you if I have any more questions, thanks!

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