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March 25, 2017

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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 that she puts it into an account that earns 4.25% interest compounded semi-annually. How much will be in Kellys account at the end of four years?

  • algebra - ,

    i = .0425/2 = .02125
    n = 2(4) = 8

    amount = principal(1+i)^n
    = 750(1.02125)^8 = .....

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