pre algebra

Suppose that
$2000 is invested at a rate of
5.1% , compounded semiannually. Assuming that no withdrawals are made, find the total amount after 7 years.

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  1. Compound Interest
    compounded semiannually
    A = P(1+(r/2))^2n
    r is annual rate as a decimal
    P is principle
    n is number of years
    A is present value

    A = 2000(1.0245)^16 = 2945.92

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  2. P = Po(1+r)^n.

    Po = $2000.

    r = 0.051/2 = 0.0255 = Semi-annual % rate expressed as a decimal.

    n = 2Comp./yr. * 7yrs. = 14 Compounding
    periods.

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  3. Suppose that
    $2000
    is loaned at a rate of
    15%
    , compounded monthly. Assuming that no payments are made, find the amount owed after
    6
    years

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    2. 👎

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