Question

Suppose that $2000 is invested at a rate of 4%, compounded semiannually. Assuming that no withdrawals are made, find the total amount after 7 years.
Do not round any intermediate computations, and round your answer to the nearest cent.

Answer 1

Assume that $2,000 is saved at a 4% yearly compounding rate. Find the total after $2437.99 assuming no withdrawals are made.

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Briefing

A = P(1+r/n)^ nt

A = 2000(1+.04/2)^(5*2)

A = 2000(1.02) =$2437.99

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