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23 June, 14:09

Little Miss Buffet takes all the money from her piggy bank and puts it into a savings account at her local bank. The bank promises an annual interest rate of 2.5% on the balance, compounded semiannually. How much will she have after one year if her initial deposit was $200?

A) $205.00

B) $205.01

C) $205.02

D) $205.03

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Answers (1)
  1. 23 June, 14:52
    0
    Fv=200 * (1+0.025:2) ^ (2)

    Fv=205.03
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