Question

3. Gavin deposited $200 into his savings account that is compounded semi-annually at an interest rate of 9%. Gavin hoped he would have enough money in 8 years to buy a $400 gaming console for college. Is Gavin correct? Write and solve an equation, showing your work to justify your answer.

Answer 1

His answer was correct:

(200*0.09)=18

18*16=288

200+288=488

Answer 2

His answer is correct. Because..

Explanation:

9 ÷ 4 = 2.25

(Nine divided by four is Two point Twenty-Five.)