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
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The final amount is $ ___ Round to
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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(52794) (Show Source):
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.
