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You won $1000 in a radio contest. If you invest it in an account that pays 4.5% interest compounded semiannually, what will be your balance after 4 years?


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Respuesta :

sreedevi102

Answer:

[tex]A= P( 1 + \frac{r}{n})^{nt}\\[/tex]

P = 1000

r = 4.5% = 0.045

n = semi annually = 2

t = 4

[tex]A= 1000( 1 + \frac{0.045}{2} )^8 =1000(1 +0.0225)^8= \$ 1194.83[/tex]

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