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Minchanka [31]
3 years ago
14

Alex wants to have $2500 in his bank account after 2 years. if the account earns 5% interest compounded 2 times per year, how mu

ch should he put in? round to the nearest cent.
Mathematics
1 answer:
gavmur [86]3 years ago
5 0
You'll need to use this formula:
Principal = Total / [(1+ (rate/n))^n*years]
Where "n" is the number of compounding periods per year.
Principal = 2,500 / [(1+ (.05/2))^2*2]
Principal = 2,500 / (1.025)^4
Principal = 2,500 / <span> <span> <span> 1.1038128906 </span> </span> </span>
Principal = <span> <span> <span> 2,264.88 </span> </span> </span>

Source:
http://www.1728.org/compint3.htm



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