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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?

  • math models - ,

    Sum = P(1+i)^n
    where Sum = the accumulated sum
    P = the amount deposited
    i = the periodic decimal interest rate
    n = the number of compounding periods

    Therefore, Sum = 5000(1+.06/2)^(5x2)

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