document.write( "Question 1190901: saver deposits 240000 in a bank which pays compound interest at 9.5% per annum half yearly. Find the amount in the bank at the end of one year. \n" ); document.write( "
Algebra.Com's Answer #822650 by Theo(13342)\"\" \"About 
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f = p * (1 + r) ^ n
\n" ); document.write( "f is the future value
\n" ); document.write( "p is the present value
\n" ); document.write( "r is the interest rate per time period
\n" ); document.write( "n is the number of time periods\r
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\n" ); document.write( "\n" ); document.write( "formula becomes:
\n" ); document.write( "f = 240,000 * (1 + .095/2) ^ (1 * 2)
\n" ); document.write( "solve for f to get:
\n" ); document.write( "f = 263,341.5\r
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\n" ); document.write( "\n" ); document.write( "the annual interest rate is divided by 2 to get the semi-annual interest rate
\n" ); document.write( "the number of years is multiplied by 2 to get the number of semi-annual periods.
\n" ); document.write( "the formula uses the rate, not the percent.
\n" ); document.write( "9.5% divided by 100 is a rate of .095.\r
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