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Tanisha wants to have $1000 in her bank account in 5 years. How much money should she deposit if her account earns 6% interest which is compounded 2 times per year?
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Tanisha wants to have $1000 in her bank account in 5 years. How much money should she deposit if her account earns 6% interest which is compounded 2 times per year?
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Feb 9, 2018
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Tanisha wants to have $1000 in her bank account in 5 years. How much money should she deposit if her account earns 6% interest which is compounded 2 times per year?
Mathematics
high-school
Olga Mu
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Olga Mu
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Here is how you set it up:
1000/(1+(0.06/2))^(2*5) = $744.09
Your answer is:
$744.09
Have an amazing day and stay hopeful!
Conway
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Feb 15, 2018
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Conway
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