Question

Jessica deposits $300 into a savings account that pays an annual interest rate of 2%, compounded twice a year. How much money will Jessica have in her account at the end of one year?

Answer 1

to get the effective annual interest rate, use this formula:

i-e=(1+i/2)^2 - 1 = .0201 or 2.01%

so then at the end of the year, Jessica will have 300(1+i-e) = $306.03

Answer 2

that it or wut

Answer 3

where does the "e" come from?
the formula is P=PRT?

Answer 4

well, generically, which is what i meant to type: A = P(1+r/n)^nt where P = starting amount, r = rate, n=compounded cycle, and t = years

Answer 5

basically its 306.03

Answer 6

its under the k12 answers

Answer 7

thank you!

Answer 8

np medal me

Answer 9

how? lol