Andrew invests $200 into an account with a 2.9% interest rate that is compounded semiannually. How much money will he have in this account if he keeps it for 5 years? Round your answer to the nearest dollar.
Added by Ashley C.
Step 1
- P is the principal amount (the initial amount of money). - r is the annual interest rate (in decimal form). - n is the number of times that interest is compounded per year. - t is the time the money is invested for in years. In this case, P = $200, r = 2.9% or Show more…
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