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A principal amount of $4,350 is placed in a savings account with an annual interest rate of 2.6% compounded semi-annually. What is the total account balance after 5 years?

A principal amount of $4,350 is placed in a savings account with an annual interest rate of 2.6% compounded semi-annually. What is the total account balance after 5 years?
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A principal amount of $4,350 is placed in a savings account with an annual interest rate of 2.6% compounded semi-annually. What is the total account balance after 5 years?

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User Krisha
by
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1 Answer

4 votes

Answer:

$4,350(1 + .026/2)¹⁰ = $4,949.76

answered
User Apoorv Saxena
by
7.7k points
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