victoria invests 300 dollars into an account with a 2.5% interest rate that is compounded semiannually how much money will she have in this account if she keeps it for 5 years round your answer to the nearest dollar

Solução

v i c t or ia in v es t s 300 d o ll a rs in t o an a cco u n t w i t h a 2.5% in t eres t r a t e t ha t i s co m p o u n d e d se miann u a ll y h o w m u c h m o n ey w i ll s h e ha v e in t hi s a cco u n t i f s h e k ee p s i t f or 5 ye a rs ro u n d yo u r an s w er t o t h e n e a res t d o ll a r

Amount : 339.68

Passos da solução

Translate the problem into an equation:

A = 300 (1 + \frac{0.025}{2})^{2 \cdot 5}

300 (1 + \frac{0.025}{2})^{2 \cdot 5} = 339.68124 \dots

Round to the nearest hundredth:

339.68

Amount : 339.68