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The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given amount of years. B. Find the interest earned.  Principal $7000 Rate   4% Compounded  Semi-annually  Time   3 years

The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given amount of years. B. Find the interest earned.  Principal $7000 Rate   4% Compounded  Semi-annually  Time   3 years

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given amount of years. B. Find the interest earned. 

Principal $7000
Rate   4%

Compounded  Semi-annually 
Time   3 years

The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. Click the icon to view some finance formulas. A. The amount of money in the account after 3 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.) Principal $7000 Rate 4% Compounded semiannually Time Remaining: 00:48:40 Time 3 years Next
Transcribed Image Text:The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. Click the icon to view some finance formulas. A. The amount of money in the account after 3 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.) Principal $7000 Rate 4% Compounded semiannually Time Remaining: 00:48:40 Time 3 years Next
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