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VARVARA [1.3K]
3 years ago
7

7,300 at 7% compounded semiannually for 3 years.

Mathematics
2 answers:
Nina [5.8K]3 years ago
7 0
A = P(1 + r/n)^(nt) 

<span>A = 7300(1 + 0.07/2)^(2)(3) = 7300(1.035)^6 = 7300(1.2293) = $8973.56 </span>

<span>A = 2100(1 + 0.094/4)^(4)(2) = 2100(1.0235)^8 = 2100(1.2042) = $2528.84 </span>
Mrrafil [7]3 years ago
4 0
\bf ~~~~~~ \textit{Compound Interest Earned Amount}&#10;\\\\&#10;A=P\left(1+\frac{r}{n}\right)^{nt}&#10;\quad &#10;\begin{cases}&#10;A=\textit{accumulated amount}\\&#10;P=\textit{original amount deposited}\to &\$7300\\&#10;r=rate\to 7\%\to \frac{7}{100}\to &0.07\\&#10;n=&#10;\begin{array}{llll}&#10;\textit{times it compounds per year}\\&#10;\textit{semi-annual, thus twice}&#10;\end{array}\to &2\\&#10;t=years\to &3&#10;\end{cases}&#10;\\\\\\&#10;A=7300\left(1+\frac{0.07}{2}\right)^{2\cdot 3}\implies A=7300(1.035)^6

and surely you know how much that is.
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