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Nadine deposited $1,000 to open a new savings account that earned two
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11 Oct 2021, 05:48
11 Oct 2021, 05:48
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Question Stats:
18% (01:38) correct
81% (00:50) wrong based on 11 sessions
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Nadine deposited $1,000 to open a new savings account that earned two percent annual interest, compounded semi-annually. If there were no other transactions in the account, what was the amount of money in Nadine’s account one year after the account was opened?
(A) $1,010.00
(B) $1,010.10
(C) $1,020.00
(D) $1,020.10
(E) $1,040.00
(A) $1,010.00
(B) $1,010.10
(C) $1,020.00
(D) $1,020.10
(E) $1,040.00
Nadine deposited $1,000 to open a new savings account that earned two
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Updated on: 12 Oct 2021, 09:38
Updated on: 12 Oct 2021, 09:38
Carcass wrote:
Nadine deposited $1,000 to open a new savings account that earned two percent annual interest, compounded semi-annually. If there were no other transactions in the account, what was the amount of money in Nadine’s account one year after the account was opened?
(A) $1,010.00
(B) $1,010.10
(C) $1,020.00
(D) $1,020.10
(E) $1,040.00
(A) $1,010.00
(B) $1,010.10
(C) $1,020.00
(D) $1,020.10
(E) $1,040.00
Total = \(Principal * ( 1 + \frac{Rate}{N})^{Nt}\)
= \(1000 * (1 + \frac{0.02}{2})^2\)
= \(1000 * 1.01^2 = 1000 * 1.0201 = $1020.10\)
Answer is D)
Re: Nadine deposited $1,000 to open a new savings account that earned two
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12 Oct 2021, 09:29
12 Oct 2021, 09:29
eskay1981 wrote:
Carcass wrote:
Nadine deposited $1,000 to open a new savings account that earned two percent annual interest, compounded semi-annually. If there were no other transactions in the account, what was the amount of money in Nadine’s account one year after the account was opened?
(A) $1,010.00
(B) $1,010.10
(C) $1,020.00
(D) $1,020.10
(E) $1,040.00
(A) $1,010.00
(B) $1,010.10
(C) $1,020.00
(D) $1,020.10
(E) $1,040.00
Total = \(Principal * ( 1 + \frac{Rate}{N})^{Nt}\)
= \(1000 * (1 + \frac{0.02}{2})^2\)
= \(1000 * 1.01^2 = 1000 * 1.0201 = $1020.10\)
Answer is C)
shouldn't the answer be D? it has a .10 in the end?
