Ashley deposits $1000 into an account that earns 4% interest compounded 2 times per year. how much money will Ashley have in her
1 answer:
The equation for compound interest is 
, where:
P is the original deposit (or "principal")
r is the rate of the interest (in decimal form)
n is the number of times per year that the interest is compounded
t is the time passed in years
Plugging in your values, we see that the equation becomes
which equals, to the nearest cent, $1218.99, which is answer C.
P is the original deposit (or "principal")
r is the rate of the interest (in decimal form)
n is the number of times per year that the interest is compounded
t is the time passed in years
Plugging in your values, we see that the equation becomes
which equals, to the nearest cent, $1218.99, which is answer C.
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