ALGEBRA

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7300 @ 7% COMPOUNDED SEMIANNUALLY FOR 3 YRS

  • ALGEBRA -

    Use compound interest formula:

    Amount = Principal * (rate)^n
    rate=interest rate per period
    n=number of periods compounded.
    Here
    rate = 1+ 0.07/2=1.035
    number of periods = 3 years * 2 periods/yr
    principal=$7300

    The question didn't say what's required.

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