At the start of the month Stephens saving account had a balance of 1624. He made a $420 withdrawal each week for four weeks. Dur
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Answer:
n =2
Step-by-step explanation:
Compound interest:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
In this question:
The money is compounded every 6 months.
n is the number of times that interest is compounded per year.
Each 6 months means 12/6 = twice a year. So n =2..