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Chapter 12: Q 3. (page 808)

If $1000is invested at 4%per annum compounded semiannually, how much is in the account after 2 years?

Short Answer

Expert verified

The amount available in account after 2 years will be$1082.

Step by step solution

01

Step 1. Write the given information.

$1000is invested at4%per annum compounded semiannually.

Time - 2 years.

The formula for compound interest is A=p1+rnnt

02

Step 2. Find the compound interest.

A=10001+0.0422.2=1000·1.024=1082.43216

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