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5 January, 18:30

If $3,000 is deposited at the end of every six months into an account that earns 10% semiannually, find the amount after 10 years.

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  1. 5 January, 18:54
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    7959.83

    Step-by-step explanation:

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

    Where A is the amount in the account

    P is the principal

    r is the rate

    n is the number of compoundings per year

    t is the years

    A = 3000 (1+.10/2) ^ 2*10

    A = 3000 (1+.05) ^ 20

    =7959.83
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