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John Lee's savings account has a balance of $4494. After 3 years, what will the amount of interest be at 5% compounded semiannually?

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  1. I got $674.10

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  2. amount after 3 years at 5% pa compounded semiannually
    = 4494(1.025)^6 = 5211.66

    so interest = 5211.66-4494 = 717.66

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  3. Thanks:)

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