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Calculating Semi-Annual Compounded Interest

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If $4500 is deposited into an account paying 4.5% compounding semiannually, how much will you have in the account in 7 years? Round the answer to 2 decimal places.

The amount in the account will be?

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Solution Summary

This solution explains how to calculate interest earned when compounded semiannually.

Solution Preview

The general formula for interest is:

Future Value = Present Value (1 +rate) ^number of times compounded ...

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