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Popular Word Problems >

Find the future value and interest earned if 8904.56 is invested for 7 years at 6% compounded semiannually

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Solution

solve for thefuturevalueandinterestearnedif8904.56isinvestedfor7yearsat6%compoundedsemiannually

Solution

Interest:4564.39
Solution steps
Translate the problem into an equation:13468.95=8904.56+I
Solve for I,13468.95=8904.56+I:I=4564.39
Interest:4564.39

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