Regina deposits $3,500 in a savings account that pays 1.05% interest, compounded semi-annually. In ag, round to
Question:
Regina deposits $3,500 in a savings account that pays 1.05% interest, compounded semi-annually. In a–g, round to the nearest cent.
a. How much interest does the account earn in the first 6 months?
b. What is the balance at the end of the first 6 months?
c. How much interest does the account earn in the second 6 months?
d. What is the balance at the end of the year?
e. How much interest does the account earn the first year?
f. How much interest would $3,500 earn in 1 year at 1.05% interest, compounded annually?
g. How much more interest does Regina earn at an interest rate of 1.05% compounded semi-annually than compounded annually?
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Step by Step Answer:
Using the compound formula A P1rntn We get b A 35001 001052205 A 3500 x 10052...View the full answer
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Related Book For 
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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