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1 answer:
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Answer:
Jimmy's account balance will be $673.43 after 10 years.
Step-by-step explanation:
The compound interest formula is given by:
Where A is the amount of money, 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 unit t and t is the time the money is invested or borrowed for.
In this problem, we have that:
What will Jimmy’s account balance be after 10 years if the interest is compounded 2 times each year?
Jimmy's account balance will be $673.43 after 10 years.