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maura invests $600 into an account with a 2.8% interest rate that is compounded semiannually. how much money will she have in this account if she keeps it for 5 years?

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Money will she have in this account on the off chance that she keeps it for 5 a long time is $689.

What is money?

  • Cash could be a product acknowledged by common assent as a medium of financial trade.
  • It is the medium in which costs and values are communicated.
  • It circulates from individual to individual and nation to nation, encouraging exchange, and it is the vital degree of riches.

How do I calculate compound interest?

The given data is,

Investment(I) = $600

interest rate(R) = 2.8%

Number of years(n) =5 years

compound interest (semiannually) = [tex]I*(1+R/2)n*2[/tex]

=600*(1+2.8/2)[tex]^(10)[/tex]

=600*(1+1.4%)[tex]^(10)[/tex]

=600*(1.014)[tex]^(10)[/tex]

she have in this account=$689.

Money will she have in this account on the off chance that she keeps it for 5 a long time is $689.

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