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keiko invested $2875 in a savings account which earns 3.15% interest compounded semiannually. What will the account be worth in 7 years?
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Feb 6, 2019
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keiko invested $2875 in a savings account which earns 3.15% interest compounded semiannually. What will the account be worth in 7 years?
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Sirthud
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Principal amount = P = $2875
Interest rate = r = 3.15% = 0.0315
Period = t = 7 years
Compunding periods = n = 2
The formula to be used is:
Using the values, we get:
Thus, the worth of the account after 7 years of saving will be $3578.11
Sean Thompson
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Feb 11, 2019
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