28-06-2017
Mathematics

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$7,300 at 7% compounded semiannually for 3 years

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mathmate mathmate

28-06-2017

P=7300
i=0.07/2 per period of 6 months = 0.035
n=3 years *2=6 periods
Future value (after 3 years)
F=P(1+i)^n
=7300(1+0.035)^6
=8973.56

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