Question

Find the total amount
$20,700 at 9% compounded
semiannually for 4 years

Answer 1

41,246.046 which could be rounded to .05 cents at the end.

Explanation:

`20700(1.09)^8`

we use this equation since we are working with interest, and we are compounding interest twice per year, for 4 years or 8 times.

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