Answered

Westonci.ca makes finding answers easy, with a community of experts ready to provide you with the information you seek. Join our Q&A platform to get precise answers from experts in diverse fields and enhance your understanding. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

Rachel deposited $200 into an account that earns 6% interest compounded twice a year for 10 years

Sagot :

Greenleafable
In order to calculate compounded interest, we use the formula: Final amount = initial amount x (increase rate)^(time periods). We know that the interest rate is 6%, so the factor we multiply by is 1.06. Moreover, the interest is compounded twice per year. This means that there will a total of 2 x 10 = 20 time periods over which the amount is compounded. Therefore, the final amount works out to be: Final amount = 200(1.06)^20, which is equivalent to $641.
roorootx

Answer:

The Answer: is $361.22 Hope this helps gl

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.