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an account is opened with an initial deposit of 6500 and earn 3.6% interest compounded semi-annually. what will the account be worth in 20 years?

Solution

an account is opened with an initial deposit of 6500 and earn 3.6% interest compounded semi-annually. what will the account be worth in 20 years?

Solution

Amount : 13268.58

Solution steps

Translate the problem into an equation:

A = 6500 (1 + \frac{0.036}{2})^{2 \cdot 20}

6500 (1 + \frac{0.036}{2})^{2 \cdot 20} = 13268.58089 \dots

Round to the nearest hundredth:

13268.58

Amount : 13268.58

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