Question

Hannah has deposited $742 in a savings account that earns interest at a rate of 3.9% compounded twice a year. What will the account balance be in 11 years?

Answer 1

\[A=A _{0}(1+\frac{r}{n})^{nt}\]

Answer 2

the part i dont understand is the twice per year thing. what should i sub in for "r"

Answer 3

i mean
"n"

Answer 4

\[A=742(1+\frac{.039}{2})^{2(11)}\]

Answer 5

2 compounding periods per year

Answer 6

Did you get $1134.81?

Answer 7

yes

Answer 8

thank you!

Answer 9

yw