Ending Balance
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Suppose you put $100 into a savings account today, the account pays a simple annual interest rate of 6%, but compounded semiannually, and you withdraw $100 after 6 months. What would your ending balance be in 20 years after the initial $100 deposit was made?
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Solution Summary
The solution explains how to determine the ending balance in the savings account.
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Semi annual compounding implies that interest rate is 3% for each semi annual period. After the deposit is made, the interest ...
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