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1 June, 23:53

Alexia has $4864.77 in her money market account currently. If the annual interest rate is 3.9%, and the interest is compounded twice per year, how much money will be in her account after 2 years?

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  1. 1 June, 23:57
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    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 4864.77

    R interest rate 0.039

    K compounded twice per year 2

    T time 2 years

    A=4,864.77 * (1+0.039:2) ^ (2*2)

    A=5,255.47
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