Question 205767
$2,350 is invested in account paying 9% compounded semiannually. How much will the account be worth after 8 years?
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8 yrs semi-annually = 16 periods
r = 0.09/2 = 0.045
FV = $2350*(1.045)^16
FV = $2350*2.02237
FV = $4752.57