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I have a Business math problem

Business & Finance
Tutor: None Selected Time limit: 0 Hours

A business person invests $2943 at 1% compounded semiannually for two years. What is the future value of the investment and how much interest will they earn over two years?

Apr 7th, 2015

principal = 2943

rate = 1/2 = 0.5%

t = 2*2 = 4 years 

amount = 2943 ( 1+0.5/100)^4

             = 2943 (1.005)^4

              = 2943 * 1.020

             = $3001.86

interest= 3001.86-2943

            = $ 58.86

Apr 7th, 2015

This answer was not correct. The correct answer was 

Apr 7th, 2015

whats the correct answer

Apr 7th, 2015

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