How much money will there be in an account at the end of 5 years if $18000 is deposited at 3% compounded semi

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How much money will there be in an account at the end of 5 years if $18000 is deposited at 3% compounded semi

[From: ] [author: ] [Date: 11-11-15] [Hit: ]

000 to get $20,889.73-Im coming up with $20,889.A=18000 (1+ 0.A= 18000 x 1.......

anually? (Assume no withdrawals are made)

Please explain how I would figure this out

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rate per period=.03/2=.015
So (1.015)^10=1.16054 (10 semi-annual periods)
Multiply by $18,000 to get $20,889.73

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I'm coming up with $20,889.
A=P(1+r/n)^nt
n is the number of times you compound per year
A=18000 (1+ 0.03/2)^2*5
A= 18000 x 1.015^10
A= 18000 (1.1605)
A= 20889

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A = P * (1 + i/n)^(n * t)

n = 2
i = 3% = 0.03
P = 18000
t = 5

A = 18000 * (1 + 0.03/2)^(2 * 5)
A = 18000 * (1 + 0.015)^10
A = 18000 * 1.015^10
A = 29320.1032819939453125

1

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