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4 June, 02:51

Jason's savings account has a balance of $734. After 5 years, what will the amount of interest be at 10% compounded semiannually?

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  1. 4 June, 03:16
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    A=p (1+i/m) ^mn

    A=734 * (1+0.1:2) ^ (2*5) = 1,195.61

    Then calculate the interest

    I=A-p

    I=1,195.61-734=461.61
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