SOLUTION: A principal of $6500 is invested in an account paying an annual rate of 7%. Find the amount in the account after 3 years of the account is compounded semiannually
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Question 1091482: A principal of $6500 is invested in an account paying an annual rate of 7%. Find the amount in the account after 3 years of the account is compounded semiannually
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
The formula is A=Ao(1+(0.07)/2)^6, where the interest is halved and the number of compoundings doubled.
round at the end.
6500*(1.035)^6=$7990.16
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