When a principal amount, P, is invested at an annual interest rate, r, and compounded n times per year, the amount accumulated in the account after t years can be found with the equation

A=P (1+r/n) ^nt

Javier invested $2,350 in a savings account for 5 years with a rate of 1.75% compounded every six months. In this situation, what is n?

Question

Mathematics

Brenton Giles

17 June, 05:28

When a principal amount, P, is invested at an annual interest rate, r, and compounded n times per year, the amount accumulated in the account after t years can be found with the equation

A=P (1+r/n) ^nt

Javier invested $2,350 in a savings account for 5 years with a rate of 1.75% compounded every six months. In this situation, what is n?

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Ashlee Barnett · Answer 1

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When a principal amount, P, is invested at an annual interest rate, r, and compounded n times per year, the amount accumulated in the account after t years can be found with the equation

A=P (1+r/n) ^nt

Javier invested $2,350 in a savings account for 5 years with a rate of 1.75% compounded every six months. In this situation, what is n?