1000 x 6%= 1000 x .06
1000 x .06 = 60
The principal is getting $60 every year for their annual interest rate.
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A(t) = P(1+(r/n))^(nt)
A(5) = 1000(1+0.12/2)^(2*5)
A(5) = 1000(1.06)^(10)
A(5) = $1790.85
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