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26 June, 08:26

Sam Monte deposits $21,500 into Legal Bank which pays 6 percent interest that is compounded semiannually. What will Sam have in his account at the end of 6 years?

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  1. 26 June, 08:28
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    =P (1+r) t where P is the principal, r is the rate (over the compounding period, expressed as a decimal), and t is the number of periods to compound over.

    its A=P (1+/n) ^nt
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