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UkoKoshka [18]
4 years ago
5

PLEASE HELP MEEEEEEEEEEEEEEE

Mathematics
2 answers:
Dvinal [7]4 years ago
4 0


1 year= 720÷100×6.2=44.64+720=764.64
2 year=764.64÷100×6.2=43.49+764.64=808.13
3year=808.13÷100×2=16.16+808.13=824.29
4 year=824.29÷100×6.2=51.10+824.29=875.39
5year=875.39÷100×6.2=54.27+875.39=929.66

final anwser after 5 years is $929.66
there is a quick way but i dont remember it



Strike441 [17]4 years ago
4 0

Answer:

$977

Step-by-step explanation:

The formula for compound interest is given by

A=P(1+\frac{r}{n})^{nt}

For the given question, we have

P = $720

r = 0.062

t = 5

n = 2 (because of compounded semiannually)

Substituting these values in the above formula

A=720(1+\frac{0.062}{2})^{2\cdot5}

On simplifying, we get

A = 977

thus, the amount in the account in 5 years = $977

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Another solution:
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