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Bob deposited \$4000 into an account with 2.4% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 7 years?

Solution

Bob deposited $4000 into an account with 2.4% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 7 years?

Solution

Amount : 4727.02

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.024}{2})^{2 \cdot 7}

4000 (1 + \frac{0.024}{2})^{2 \cdot 7} = 4727.01702 \dots

Round to the nearest hundredth:

4727.02

Amount : 4727.02

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