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A $500 investment earns 9% compounded semi-anually for 10 years. Calculate final value and show work.

A $500 investment earns 9% compounded semi-anually for 10 years. Calculate final value and show work.
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A $500 investment earns 9% compounded semi-anually for 10 years. Calculate final value and show work.

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User Sergey Vasilyev
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1 Answer

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$1205.86 is the answer
the equation is A= 500(1.045)^2(10)
the 1.045 comes from adding one to .09 (the percent) divided by 2
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User Manoj De Mel
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