Question

Solve
Shane invested $3,500 in a savings account that pays 4% interest semiannually (every 6 months). How much money will he have in his account in 5 years

Answer 1

you would use y=a(1+R)^x
a =total amount of money
r= rate ( to find r, move the decimal place over two places or divide by 100
x= time
so fill it in
a= 3,500
r=0.04
x= 5 years
so y= 3,500(1+0.04)^5
you do the math, & you'll get your answer (: