Question

Eddie deposited $1200 into an account that earns 3% interest compounded 2 times per year. How much money will Eddie have in his account after 7 years? Round to the nearest cent.

Answer 1

Total = Principal * (1+(rate/n))^n*years
Total = 1,200 * (1.015)^14
Total = 1,200 * 1.2317557307
Total = 1,478.11
Source:
http://www.1728.org/compint3.htm