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Find the future value and interest earned if 8704.56 is invested for 7 years at 5% compounded Semiannually continuously

Solution

Find the future value and interest earned if 8704.56 is invested for 7 years at 5% compounded Semiannually continuously

Solution

Interest : 3594.76

Solution steps

Translate the problem into an equation:

12299.32 = 8704.56 + I

Solve for

I, 12299.32 = 8704.56 + I : I = 3594.76

Interest : 3594.76

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