A young college student puts $2,500 in savings into a special bank account. The account earns interest at a rate of 3%, compound

Question

3 years ago

14

A young college student puts $2,500 in savings into a special bank account. The account earns interest at a rate of 3%, compound

ed 6 times per year. The bank account matures after 2 years, when the college student may withdraw the funds. How much money will the account have at maturation?

Mathematics

1 answer:

Serggg [28] · Answer 1 · 2022-06-19T07:28:48+03:00

Serggg [28]3 years ago

3 0

<span>2500(1 + .03/6)^12 = 2654.19
Your answer is $2654.2
Hope this helps!</span>