Megan put $2400 in a savings account earning 2% interest compounded semi-annually 7 years ago. How much money is in her account now?

Money in Megan saving accounts is $2758.74

Step-by-step explanation:

Formula for compound interest is given as,

where, m : number of compounding periods per year

i : rate per compounding period = r/ m

n : total no. of compounding periods = m * no. of years.

P : principal ( present value)

A : amount ( future value ) at the end of n periods

Now calculate the value of above terms.

Since it is given that interest is compounded semi annually.

Therefore value of m is m = 2.

Given that rate is 2% that is, r = 0.02

Also number of years is 7 that is, t = 7

Therefore formula becomes,

Substituting the values in the formula,

Simplifying,

Rounding to two decimal places, A = $ 2758.74

Therefore, Megan has total of $ 2758.74 in her saving account.

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step-by-step explanation: