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How much money will there be in an account at the end of 9 years if 3000 is deposited at 7% interest compounded semi-annually?

Solution

How much money will there be in an account at the end of 9 years if 3000 is deposited at 7% interest compounded semi-annually?

Solution

Amount : 5572.47

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.07}{2})^{2 \cdot 9}

3000 (1 + \frac{0.07}{2})^{2 \cdot 9} = 5572.46758 \dots

Round to the nearest hundredth:

5572.47

Amount : 5572.47

Popular Examples

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