Joy invests $1000 for 2 years to purchase a new laptop for school. How much money will they have if the investment pays 4.25% per year, compounded semi-annually, to buy a new laptop? $1086.81 $1379.00 $1377.98 $1087.75
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Step 1: The formula for compound interest is: $$A = P(1 + \frac{r}{n})^{nt}$$ where: * A is the amount of money after t years * P is the principal amount * r is the annual interest rate * n is the number of times that interest is compounded per year * t is the time Show more…
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'Suppose you invest $1000 on January 1, 2021. What will be the value of your investment after four years and nine months; if the interest rate is 3.5 percent compounded annually? 81131.25 81163.19 81799.02 81177.52 81183.61 81137.7 81166.25 81499.02'
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Suppose you invest $1000 on January 1, 2021. What will be the value of your investment after four years and nine months, if the interest rate is 3.5 percent compounded annually? $1183.61 $1137.7 $1799.02 $1166.25 $1177.52 $1163.19 $1131.25 $1499.02
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