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Sophie deposited money into an account in which interest is compounded semiannually at a rate of 3.2%. She made no other deposits or withdrawals and the total amount in her account after 7 years was $13,
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Sophie deposited money into an account in which interest is compounded semiannually at a rate of 3.2%. She made no other deposits or withdrawals and the total amount in her account after 7 years was $13,987.17.

User RobBlanchard
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1 Answer

5 votes
13987.17=p(1+0.032/2)^2*7
Solve for p
P=13,987.17÷((1+0.032÷2)^(14))
P=11,199.99
User Bryan Fok
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