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algebra

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Find the accumulated value of an investment of $15,000 at 7% compounded semiannually for 4 yrs

  • algebra -

    V = Po(1+r)^n.

    r = (7% / 2) / 100% = 0.035 = Semi-annual % rate expressed as a decimal.

    n = 2 comp./yr * 4yrs = 8 Compounding
    periods.

    V = $15,000(1.035)^8 = $19,752.14.

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