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Ronch [10]
2 years ago
10

What is the balance after 15 years in a savings account that earns 2% interest compounded bimonthly when the initial deposit is

1000?

Mathematics
1 answer:
Ierofanga [76]2 years ago
3 0

Answer:

$1348.07

Step-by-step explanation:

Hello!

<h3>Compound Interest Formula: A = P(1 + \frac rn)^{nt}</h3>
  • A = Account Balance
  • P = Principle/Initial Amount
  • r = Rate of Interest (decimal)
  • n = Number of times compounded (per year)
  • t = Number of Years

<h3>Given Information</h3>
  • Account Balance = ?
  • Principle Amount = $1000
  • Rate of Interest = 0.02

Why is the Rate 0.02?

This is because we are gaining money, so the multiplier should be greater than 1. We already added 1, which is 100% so you simply add the 0.02 for the extra 2%.

  • Number of times compounded per year = 6

This is because it is being compounded bi-monthly, or once every 2 months. 12 months divided by 2 months is 6 months, so 6 times a year.

  • Number of years = 15

<h2>Solve </h2>

Solve by plugging in the given values into the formula.

  • A = P(1 + \frac rn)^{nt}
  • A = 1000(1 + \frac {0.02}{6})^{6*15}
  • A = 1000(1 + 0.00333...)^{90}
  • A = 1000(1.00333...)^{90}
  • A = 1000(1.145743)
  • A \approx 1457.43

This is really close to the first option, and since there is rounding involved with the repeating decimal, the first option should be correct.

The answer is $1348.07.

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