SOLUTION: Felipe deposited $4000 into an account with 4.1% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 3 years?
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Question 672524: Felipe deposited $4000 into an account with 4.1% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 3 years? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Felipe deposited $4000 into an account with 4.1% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 3 years?
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A(t) = P(1+(r/n))^(nt)
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A(3) = 4000(1+(0.041/2))^(2*3)
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A(3) = $4517.91
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Cheers,
Stan H.
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