Question

Use the compound interest formula,
Alexia has $4864.77 in her money market account currently. If the annual interest rate is 3.9%, and the interest is compounded twice per year, how much money will be in her account after 2 years?
A. $4,149.57
B. $5,244.22
C. $5,255.47
D. $15,733.31

Answer 1

@texaschic101 can you help me again??

Answer 2

@noneyabusiness can you help me??

Answer 3

@uri can you help me??

Answer 4

@Xan can you help me??

Answer 5

@Pianolover03

Answer 6

Your equation is

\[A = 4864.77(1 + \frac{ 0.039 }{ 2 })\ ^{\left( 2 \times 2 \right)}\]

Can you solve it?

Answer 7

\[A = 4864.77(1 + \frac{ 0.039 }{ 2 })^{\left( 2 \times 2 \right)}\]
\[A = 4864.77(1 + 0.0195)^{\left( 4\right)}\]
\[A = 4864.77(1.0195)^{\left( 4\right)}\]
\[A = 4864.77(1.0803113)\]
\[A = 5255.466\]
\[A = 5255.47\]

So your answer is C.