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
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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
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
