Question

Advanced Algebra with Financial Applications help Please!!

Keiko invested $2875 in a savings account which earns 3.15% interest compounded semiannually. What will the account be worth in 7 years?

$8,003.59

$4,438.20

$3,578.11

$3,207.34

All I really need help with is the formula. I can't remember it! Can someone tell me which formula to use for this question?

Answer 1

use Future Value formula

Answer 2

\(\large FV = PV (1+i)^{nt}\)

Answer 3

Thank you!

Answer 4

maybe look up ur notes for what FV/PV/i/n/t are :)

Answer 5

semiannually means, two times per year right ?

Answer 6

that gives \(n = 2\)

Answer 7

I think so. I was actually going to ask you the same thing lol

Answer 8

and since \(\large i = \frac{r}{n}\),..
hope u can manage the rest :)

Answer 9

I think I can! Thanks!

Answer 10

good :)

Answer 11

are you still taking this class? bc i got B for the answer but i think i did it wrong