Question
Alecia deposited $500 in a savings account at 5% compounded semiannually. What is her balance after 5 years?
Can you please show me step by step how to do this problem.
The choices are
$650.00
$640.04
$670.05
$897.93
Can you please show me step by step how to do this problem.
The choices are
$650.00
$640.04
$670.05
$897.93
Answers
bobpursley
you have 10 periods.
total=500(1+.05/2)^10=500(1.025)^10
Put this in your google Seearch window:
500(1.025)^10=
total=500(1+.05/2)^10=500(1.025)^10
Put this in your google Seearch window:
500(1.025)^10=