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15 November, 08:38

If you invest $7,300 at 7% compounded semi-annually for 3 years, what is the total value? answer

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  1. 15 November, 08:58
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    The appropriate formula for "compound amount" is

    A = P (1 + r/n) ^ (nt). n is the # of compoundings per year (2). r is the interest rate as a decimal fraction. Thus,

    A = $7300 (1 + 0.07/2) ^ (2*3) = $8975.56 (answer)
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