Claire deposited $100 into a savings account that offers a 7% interest rate compounded semiannually.
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Claire deposited $100 into a savings account that offers a 7% interest rate compounded semiannually.

[From: ] [author: ] [Date: 12-03-28] [Hit: ]
Since youre looking at 1 year, the answer will be $107.......
How much money will Claire have in her savings account at the end of one year?

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A = P[1 + r/n]^(nt)

A = 100[1 + .07/2]^(2 * 1)

A = 100 * 1.035^2

A = 107.1225

A = $107.12

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your equation should be y=100(1+(.07/2))^(2x)

With x=time in years, and y=final amount. Since you're looking at 1 year, the answer will be $107.1225 (exact answer)
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