SOLUTION: Find the amount of money in an account after 3 years if a principle of $7000 was invested at 6% interest compounded semiannually. (Round to the nearest cent).

SOLUTION: Find the amount of money in an account after 3 years if a principle of $7000 was invested at 6% interest compounded semiannually. (Round to the nearest cent).

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Question 1073517: Find the amount of money in an account after 3 years if a principle of $7000 was
invested at 6% interest compounded semiannually. (Round to the nearest cent).

Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
FV(future value)=P(principal)x (1+yearly rate/compounding periods)^(total number of periods). So:
FV=7000(1+.06/2)^6
FV=7000 x 1.194052296529=$8358.366 . ☺☺☺☺
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