How much money will Claire have in her savings account at the end of one year?
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A = P[1 + r/n]^(nt)
A = 100[1 + .07/2]^(2 * 1)
A = 100 * 1.035^2
A = 107.1225
A = $107.12
A = 100[1 + .07/2]^(2 * 1)
A = 100 * 1.035^2
A = 107.1225
A = $107.12
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your equation should be y=100(1+(.07/2))^(2x)
With x=time in years, and y=final amount. Since you're looking at 1 year, the answer will be $107.1225 (exact answer)
With x=time in years, and y=final amount. Since you're looking at 1 year, the answer will be $107.1225 (exact answer)