Jacob Lee invested $600 in a savings account paying 8% interest compounded twice a year. What...
Jacob Lee invested $600 in a savings account paying 8% interest compounded twice a year. What will be his interest at the end of the year? Round to the nearest dollar.
$48
$24
$49- Not the answer
$25
Homework Answers
Interest for first 6 month = 600*4% = $24
Interest for next 6 month = (600+24)*4% = $24.96
Total interest for the year = 24+24.96 = 48.96 or rounded to $49
If 49 is not thd correct answer the try $25.
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