Will fan and medal if you help me with these two questions!

Question

adll23 · Answer

what questions?

rockinhood · Answer

Elliot has deposited $723 in a savings account that earns interest at a rate of 2.9% compounded twice a year. What will the account balance be in 23 years?


Logan opened a savings account 21 years ago with a deposit of $3,471.52. The account has an interest rate of 3.1% compounded monthly. How much interest has Logan earned?

rockinhood · Answer

I've literally been stuck on them for an hour, and it's no longer fresh on my mind as to how to do them.

zpupster · Answer

$$A=P(1+\frac{ r }{ n })^{nt}$$


 "A" is the ending amount
 "P" is the beginning amount 
 "r" is the interest rate (expressed as a decimal)
 "n" is the number of compoundings a year
 "t" is the total number of years.

n = 2

zpupster · Answer

A= 723(1+.0029/2)^2*23

zpupster · Answer

next is same just plug in your values except n=12 and r=.0031
P and t should be obvious from the problem

rockinhood · Answer

I'll be sure to ask you if I have any more questions, thanks!