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slega [8]
3 years ago
7

Cindy invests $10000 in an account that pays an annual rate of 3.96%, compounding semi-annually. approximately how much does she

have in her account after two years?
Business
1 answer:
stiks02 [169]3 years ago
6 0

Annual Compound Formula is:

A = P( 1 + r/n) ^nt

Where:

A is the future value of the investment

P is the principal investment

r is the annual interest rate

<span>n is the number of  interest compounded per year</span>

t is the number of years the money is invested


So for the given problem:

P = $10,000

r = 0.0396

n = 2 since it is semi-annual

t = 2 years

 

Solution:

A = P( 1 + r/n) ^nt

A = $10,000 ( 1 + 0.0396/2) ^ (2)(2)

A = $10000 (1.00815834432633616)

A = $10,815.83 is the amount after two years

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