rockinhood
  • rockinhood
Will fan and medal if you help me with these two questions!
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
adll23
  • adll23
what questions?
rockinhood
  • 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
  • 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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zpupster
  • 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
  • zpupster
A= 723(1+.0029/2)^2*23
zpupster
  • 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
  • rockinhood
I'll be sure to ask you if I have any more questions, thanks!

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