## Jacob invest $5,838 in a savings account with a fixed annual rate of 4% compounded 2 times per year. What will the account balance be after

Question

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## Answers ( )

Answer:The account balance will be $8,014.32

Step-by-step explanation:To calculate the future value of a certain amount invested and compounded periodically, the following formula is used:

where:

FV = Future value = ???

PV = Present value = $5,838

r = interest rate in decimal = 4% = 0.04

n = number of compounding period per year = 2

t = time in years

FV = $8,014.32

Answer:Am sorry, I have no idea