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Question

Bob Rowinski made a $4,000 deposit to a savings account paying 1.6% annual interest compounded semiannually . If he kept the money on deposit for 6 months, what would his account balance be after the interest payment is made?

Solution

VerifiedAnswered 11 months ago

Answered 11 months ago

Step 1

1 of 5In this exercise, we will find Bob Rowinski's account balance after the end of the interest payment period by applying the concept of compound interest.

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