SOLUTION: Find the amount in a savings account at the end of 8 years if the amount originally deposited is $9000 and the interest rate is 6.5% compounded semiannually. Round to the neares
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Question 1138052: Find the amount in a savings account at the end of 8 years if the amount originally deposited is $9000 and the interest rate is 6.5% compounded semiannually. Round to the nearest cent. Answer by greenestamps(13200) (Show Source):
The 6.5% is an annual interest rate; when the value is compounded semiannually (twice a year), the money grows by half of the 6.5 percent twice a year. With an initial amount of $9000 and a period of 8 years, the value at the end will be
