SOLUTION: Maria invest $300 in a bank at 4.25% for 2 years. Interest is calculated semi annually and then added on the investment.Calculate the interest earned at the end of 2 years and the

Algebra ->  Finance -> SOLUTION: Maria invest $300 in a bank at 4.25% for 2 years. Interest is calculated semi annually and then added on the investment.Calculate the interest earned at the end of 2 years and the       Log On


   

Question 1099808: Maria invest $300 in a bank at 4.25% for 2 years. Interest is calculated semi annually and then added on the investment.Calculate the interest earned at the end of 2 years and the balance in her account
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=300%281%2B%284.25%2F100%29%281%2F2%29%29%5E%282%2A2%29
F=300%281.02125%29%5E4
F=300%281.08775%29
Work that out for the future balance of the account.
Then subtract the initial balance ($300) to calculate the interest.