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5 votes
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?

User Olga Mu
by
7.3k points

1 Answer

2 votes
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!


User Conway
by
8.1k points
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