You deposit $7000 into a bank account that has 6% interest compounded SEMIANNUALLY. Determine the amount of money in the bank af
ter 9 years.
1 answer:
Answer:
$11917.03
Step-by-step explanation:
Use Compound Interest Formula:
A = 7,000 (1 + 0.06/2)^2(9)
Simplify:
A = 7,000(1.03)^18
Solve:
A = $11917.03
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