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Word problem 

 May 20, 2019
 #1
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Amt after 1 year  =  1200 (1+ .03/2) + 1200 = $2418

 

After 18 months....she has   2418(1 + .03/2)  + 1200  = $3654.27

 

After two years she has   3654.27(1 + .03/2) + 1200 = $4909.08

 

 

 

cool cool cool

 May 20, 2019
 #2
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Use this periodic formula for longer terms:

P=1200;   R=0.03/2;  N=2*2;    FV=P*((1 + R)^N - 1)/ R

FV = $ 4909.08

 May 20, 2019

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