Question

A depositor opens a new savings account with $9000 at 2% compounded semiannually. At the beginning of year 5, an additional $7000 is deposited. At the end of six

years, what is the balance in the account?

Answer 1

16900

Explanation:

9000 at 2⁰/0

9000×2over 100⁰/0

=180=2⁰/0

180×5=900

9000+900=9900+7000=16900

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