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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 2.5% on the balance, compounded semiannually. How much will she have after one year if her initial deposit was $200?

A. $205.00
B. $205.01
C. $205.02
D.$205.03

Respuesta :

simion
A = p (1+r/n)^ntp - initial amount which is 200 

r - interest rate which is 0.025 written in decimal form 

n - is the number of compounding a year, in this case is 2 because it's every six monthand 

t is the year which is one in your case

A = 200 (1 + 0.025/2)²

your answer is D) 205.03

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