4 months ago
Q:

PLEASE HELP MEEEEEEEEEEEEEEEYou invest $720 in an account that has an annual interest rate of 6.2%, compounded semiannually. How much money will be in the account after 5 years? Round your answer to the nearest whole number and include units.

Accepted Solution

A:


1 year= 720÷100×6.2=44.64+720=764.64
2 year=764.64÷100×6.2=43.49+764.64=808.13
3year=808.13÷100×2=16.16+808.13=824.29
4 year=824.29÷100×6.2=51.10+824.29=875.39
5year=875.39÷100×6.2=54.27+875.39=929.66

final anwser after 5 years is $929.66
there is a quick way but i dont remember it