SOLUTION: Find the final amount of money in an account if $6,700 is deposited at 5% interest compounded semi-annually and the money is left for 9 years The final amount is $ __

SOLUTION: Find the final amount of money in an account if $6,700 is deposited at 5% interest compounded semi-annually and the money is left for 9 years The final amount is $ ___ Round to

Question 1195459: Find the final amount of money in an account if $6,700 is deposited at 5% interest compounded semi-annually and the money is left for 9 years
The final amount is $ ___ Round to the nearest cent.
Answer by ikleyn(52803) (Show Source): You can put this solution on YOUR website!
.


Apply the future value formula for the compounded account


    FV =  =  = 10,449.71 dollars.

Solved.

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To see many other similar (and different) solved problems on compounded interest accounts, look into the lesson
- Compounded interest percentage problems
in this site.

Learn the subject from there.

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