Homework Help: Math

Posted by Anonymous on Friday, February 24, 2012 at 12:47pm.

Kelly plans to put her graduation money into an account and leave it there for 4 years while she goes to college. She receives $750 in graduation money and she puts it into an account that earns 4.25% interest compounded semi-annually. How much will be in kelly's account at the end of four years?

Math - Reiny, Friday, February 24, 2012 at 12:51pm
amount = principal(1i)^n
i = .0425/2 = .02125 , n = 8 , principal = 750

amount = 750(1.02125)^8 = 887.40

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