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

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

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    0
    2021-10-15T01:48:28+00:00

    A = P(1 + r/n)^(nt) 

    A = 7300(1 + 0.07/2)^(2)(3) = 7300(1.035)^6 = 7300(1.2293) = $8973.56 

    A = 2100(1 + 0.094/4)^(4)(2) = 2100(1.0235)^8 = 2100(1.2042) = $2528.84 

    0
    2021-10-15T01:49:02+00:00

    \bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad  \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$7300\\ r=rate\to 7\%\to \frac{7}{100}\to &0.07\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{semi-annual, thus twice} \end{array}\to &2\\ t=years\to &3 \end{cases} \\\\\\ A=7300\left(1+\frac{0.07}{2}\right)^{2\cdot 3}\implies A=7300(1.035)^6

    and surely you know how much that is.

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