SOLUTION: Little Miss Buffet takes all the money from her piggy bank and puts it into a savings account at her local bank. The bank promises an annual interest rate of 3% on the balance, com

Question 1076578: Little Miss Buffet takes all the money from her piggy bank and puts it into a savings account at her local bank. The bank promises an annual interest rate of 3% on the balance, compounded semiannually. How much will she have after one year if her initial deposit was $400?
SHOW THE WORK
$529.00

$412.17

$2,500.00

$412.09
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po(1+r/n)^nt
Po=start
r is rate
n is compoundings per year
t is number of years
P=400(1+.03/2)^2
round at end
P=400(1.015)^2
P=$412.09
RELATED QUESTIONS
Alicia puts $650.00 in a bank account. Each year the account earns 7.2% simple interest. (answered by josgarithmetic)

Janice was given a piggy bank on her seventh birthday, and she put it to use immediately. (answered by greenestamps)

Fifteen of the coins in Jillian's purse are pennies. She removed all of the coins from... (answered by ankor@dixie-net.com)

Joan opens a saving account at a local bank. She initially deposits $350 into the... (answered by stanbon)

Laura had $8000 in her piggy band. She invested some money in Bank A at 9% per annum and... (answered by Herdaysoji)

Ann has her money in a bank account that pays her 2.0% interest each year on the amount... (answered by Theo)

Level 3: My little sister, Savannah, is three years old. She has a piggy bank that she... (answered by stanbon)

Elsa placed some money in a savings account for two years with a 6% interest rate. If the (answered by Boreal,MathTherapy)

I am having a problem setting this question up to solve Jolene invests her savings in (answered by Earlsdon)