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KarenSmith KarenSmith
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8 years ago
What amount of interest is earned on $1,000 at 4% interest compounded semi-annually for three years?
A) $124.86
B) $126.16
C) $265.32
D) $120.00
Textbook 
Survey of Accounting: Making Sense of Business

Survey of Accounting: Making Sense of Business


Edition: 1st
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wrote...
8 years ago
The answer should be $126.16 from the formula:   A=P(1+(r/n))^tn  P= 1000, r=.04 (the rate), n=2 (the amount of times it is compounded), and t=3 (the time in years)
KarenSmith Author
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8 years ago
THANKS
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