Question

Clark put 3000 in an account that compound 5% interest twice a year. if she left the money in for a year how much should have​

Answer 1

Step-by-step explanation:

A = P (1 + r/n) (nt)

   A = the future value of the investment/loan, including interest

   P = the principal investment amount (the initial deposit or loan      amount)

   r = the annual interest rate (decimal)

   n = the number of times that interest is compounded per unit t

   t = the time the money is invested or borrowed for

p = 3000

r = 5%/100 = .05 (has to be in decimal format)

n = 2

t = 1

A = 3000(1 + .05/2)⁽²ˣ¹⁾  note (make sure you use ^ (power of) for the 2x1)

use PEMDAS to work out problem

P arenthesis

E exponents

M ultiplication

D ivision

A ddition

S ubtraction

A = 3000(1 + .05/2)⁽²ˣ¹⁾

a = 3000(1 + .025)^²

a = 3000(1.025)^2

a = 3000 x 1.050625

a = 3151.875

she would have $3,151.88