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Need help with this;

Need help with this;-example-1
User B Hull
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1 Answer

3 votes

Answer:

  • See below

Explanation:

  • Deposit amount P = $4200
  • Interest rate r = 3 1/2% = 3.5% = 0.035 PA compounded semiannually
  • Compound n = 2 per year

Calculations as per following questions

  • a. I = $4200*(0.035/2) = $73.5
  • b. A = $4200 + $73.5 = $4273.5
  • c. I = $4273.5*(0.035/2) = $74.79
  • d. A = $4273.5 + $74.79 = $4348.29
  • e. I = $4348.29 - $4200 = $148.29
  • f. I = $4200*0.035 = $147
User Blackgreen
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