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defon
3 years ago
15

Find the final amount of money in an account if $ 8 , 000 is deposited at 5 % interest compounded semi-annually and the money is

left for 9 years.
Business
1 answer:
Vika [28.1K]3 years ago
5 0

Answer: $12477.27

Explanation:

The formula to find the compound amount after t years (compounded semiannually) :-

A=P(1+\dfrac{r}{2})^{2t}

Given : Principal amount : P = $ 8,000

Rate of interest : r=0.05

Time : 9 years

Now, A=8000(1+\dfrac{0.05}{2})^{2\times9}

A=8000(1+0.025)^{18}=12477.2697417\approx\$12477.27

The final amount in the account will be $12477.27

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