Question

Geoff has deposited $669 in a savings account that earns interest at a rate of 2.6% compounded twice a year. What will the account balance be in 12 years

Answer 1

What does compounded mean?

Answer 2

It means you have to find Compound interst nt simple interst
where time is 6 months..

Answer 3

When interest is compounded Half-yearly:

\[ Amount = P (1 + (R/2)\div100)^ 2n\]
whrer n is 24 (as 12 year given)

Answer 4

@signedup :Its 2n in power

Answer 5

1.7

Answer 6

1739 dollars?

Answer 7

?

Answer 8

@signedup: what you want to ask?