Francisco has a savings account of $2,033.88. The interest at a rate of 3.9% compounded twice a year. What will the account balance be in 11 years?

A. $770.94

B. $932.18

C. $1,567.15

D. $1,975.81

Question

Marin Baxter

11 July, 21:26

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Answers (1)

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Sandra Benjamin · Answer 1

Amount = P (1 + r/t) ^nt = 2033.88 (1 + 0.039/2) ^ (11 x 2) = 2033.88 (1 + 0.0195) ^22 = 2033.88 (1.0195) ^22 = 2033.88 (1.5294) = $3110.60

Francisco has a savings account of $2,033.88. The interest at a rate of 3.9% compounded twice a year. What will the account balance be in 11 years?A. $770.94B. $932.18C. $1,567.15D. $1,975.81