Suppose that 2000 is invested at a rate of 2.4% , compounded semiannually. Assuming that no withdrawals are made, find the total
amount after 9 years.
Do not round any intermediate computations, and round your answer to the nearest cent.
1 answer:
Answer:
$2479.02
Step-by-step explanation:
The invested amount is $2000 at a rate of 2.4% which compounds semiannually.
Therefore, the semiannual interest rate is
%.
Then the principal is compounded (9 × 2) = 18 times within a period of 9 years.
If there is no withdrawal from the account, then after 9 years the sum will become
dollars {Rounded to the nearest cent} (Answer)
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