Based on the given formula of compounding interest, and the amount that Javier invested, the value of n in this situation is 2.
What is the value of n?
In the compound interest formula given, the parts of the formula are shown to be:
n = number of times the interest compounds per year
p = principal amount
r = interest rate
t = number of years
We are told that the investment compounds every six months which means in a year, the number of times compounded is:
= 12 months in year / 6 months
= 2 times
In conclusion, n is 2.
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