math

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whatis the effective rate of $23,000 invested for one year at 6%, compounded semiannually? round your answer to the nearest tenth. could you help me with this one? i need to see the math worked out please. do you have one worked out on the page so i don't have to wait too long.

  • math -

    The amount invested does not matter
    You simple want the annual rate equivalent to 6% per annum compounded semiannually

    let that rate be i

    1+i = 1.03^2
    1+i = 1.0609
    i = .0609
    = 6.1%

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