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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?

Respuesta :

Answer:

6

Step-by-step explanation:

The n is 2

  • The calculation is as follows:

Since

[tex]A = P( 1+r\div n) ^ {(nt)}[/tex]

here

P is the amount invested

r is the rate

n is the number of times per year the interest is compounded

t is the number of years

Since 6 months is twice a year

so n is 2

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