Question

how to solve a problem like this?
Jessica deposits $300 into a savings
account that pays an annual interest rate
of 2%, compounded twice a year. How
much money will Jessica have in her
account at the end of one year?

Answer 1

@Suzy you know compound interest?

Answer 2

no i just want to know the formula

Answer 3

Let the deposited amount be P (Principal) r = rate of interest
t= time in years
n= no. of times the interest is compounded per year
n=1 for once a year
n=2 for twice a year
the final amount is given as
\[\large A=P\times (1+\frac{r}{n})^{nt}\]
Here we have
P=$300
r=2%=(\frac{2}{100}\)
n=2
t=1
\[Interest=A-P\]

Answer 4

Sorry
r=2%=\(\frac{2}{100}\)=0.02

Answer 5

@suzy4321 Can you do it now?

Answer 6

306

Answer 7

This is A or interest???

Answer 8

A meaning answr yes

Answer 9

A means final amount!!!
Did you use
Interest= A-P??

Answer 10

my answer 306.03 is correct

Answer 11

Yeah it's correct:)