Janen deposit $950 in an account earning 8.5% interest, compounded semiannually. How much is in the account at the end of 1 year?
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Janen deposit $950 in an account earning 8.5% interest, compounded semiannually. How much is in the account at the end of 1
Answer:
A = P (1 + r)
Principal = 950
Rate = 8.5
Time = 1 year
950(1+8.5)
950(9.5)
950x9.5
9,025