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31 January, 16:08

Lea invests $8,333 in a savings account with a fixed annual interest rate of %8 compounded 2 times per year. What will the account balance be after 12 years?

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  1. 31 January, 18:19
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    Total = Principal * (1 + rate/n) ^n*years

    Total = 8,333 * (1 +.08/2) ^ 2*12

    Total = 8,333 * (1 +.04) ^24

    Total = 8,333 * 2.5633041649

    Total = 21,360.01
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