Sam puts $500 in the bank and does not put any more money in or take any out for eight years. He receives 6% interest yearly, co
mpounded semi-annually. How much money will be in the account after eight years?
1 answer:
Answer:
$894
Step-by-step explanation:
0.06 x 500 x 8^1.25 (-9)= 500+ 403 = $903-9= $894
1.25 = 1/8 of 1 (-9)
1=each power.
8th year = $843.75
9th year = $894
Semi annually you can do the same as 16/1 -17
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