Andrew invet $200 into an account with a 2. 9% interet rate that i compounded emiannually. How much money will he have in thi account if he keep it for 5 year? Round your anwer to the nearet dollar

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02-12-2022
Mathematics

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Andrew invet $200 into an account with a 2. 9% interet rate that i compounded emiannually. How much money will he have in thi account if he keep it for 5 year? Round your anwer to the nearet dollar

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Tutorconsortium422 Tutorconsortium422 · Answer 1 · 2022-12-05T21:03:00+01:00

Andrew will have $251.91 in his account after 5 years, assuming he does not add or withdraw any money from the account and that interest is compounded semiannually at a rate of 2.9%.

What Does an Interest Rate Mean?

The fee that a lender assesses on a borrower is known as the interest rate, which is expressed as a percentage of the principal, or the loaned amount. Usually, the annual percentage rate (APR), which is how loans' interest rates are expressed, is indicated (APR).

What is the process of an interest rate?

Once your loan is fully repaid, interest will have an impact on the overall cost you pay. For instance, if the interest rate on a $100 loan is 5%, you will have to pay the lender $105 in order to repay the money. $5 will be profit for the lender.

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