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rockinhood

  • one year ago

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

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  1. adll23
    • one year ago
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    what questions?

  2. rockinhood
    • one year ago
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    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?

  3. rockinhood
    • one year ago
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    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.

  4. zpupster
    • one year ago
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    \[A=P(1+\frac{ r }{ n })^{nt}\] "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

  5. zpupster
    • one year ago
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    A= 723(1+.0029/2)^2*23

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

  7. rockinhood
    • one year ago
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    I'll be sure to ask you if I have any more questions, thanks!

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spraguer (Moderator)
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is replying to Can someone tell me what button the professor is hitting...

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