rockinhood one year ago Will fan and medal if you help me with these two questions!

what questions?

2. 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?

3. 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.

4. 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

5. zpupster

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

6. zpupster

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

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