rockinhood
  • rockinhood
Will fan and medal if you help me with these two questions!
Mathematics
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rockinhood
  • rockinhood
Will fan and medal if you help me with these two questions!
Mathematics
schrodinger
  • schrodinger
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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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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