F an investor puts $1500 dollars into an account at an annual rate of 4.8% interest compounded twice a month, how much will they have after two years?

They will have $1651 after two years.

Step-by-step explanation:

The compound interest formula is given by:

Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit year and t is the time in years for which the money is invested or borrowed.

$1500 dollars into an account at an annual rate of 4.8%

This means that

Interest compounded twice a month.

A year has 12 months.

So 12*2 = 24 compundings, which means that

How much will they have after two years?

This is A(2).

They will have $1651 after two years.

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step-by-step explanation:

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