MakaylaU761217 MakaylaU761217

03-11-2022
Mathematics

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Find the total amount in the compound interest account $10000 is compounded semiannually at a rate of 11% for 20 years. (Round to the nearest cent.)

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EvelinnD277321 EvelinnD277321

03-11-2022

The compound interest formula is:

[tex]A=P(1+\frac{r}{m})^{mt}\begin{cases}A=amount \\ P=initialValue \\ r=interest \\ m=\#timesCompounedPerYear \\ t=years\end{cases}[/tex]

Therefore:

[tex]A=(10000)(1+\frac{0.11}{1})^{20}=80623.12[/tex]

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