Question

Joe deposits $2500 in a savings account that pays 5% compounded interest semiannually . What is his balance after one year.

Answer 1

Answer:

here is your answer.....

Step-by-step explanation:

given,

principal (p)= 2500

rate (r)= 5%

time(t)= 1 yrs

now,

(from above photo it continue)

Answer 2

Answer:

$2626.56

Step-by-step explanation:

Formula:

$AV=PV(1+\frac{i}{n})^{nt}\\2500(1+\frac{.05}{2})^{2*1}\\2500(1.025^2)=2626.5625$

which rounds to

2626.56