A teacher deposits $900 in an account that pays 7.55% annually. If the teacher withdraws all the money in the account after 180-days, how m

Question

A teacher deposits $900 in an account that pays 7.55% annually. If the teacher withdraws all the money in the account after 180-days, how much does the teacher withdraw?

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Khang Minh 2 weeks 2021-09-05T07:54:51+00:00 1 Answers 0 views 0

Answers ( )

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    2021-09-05T07:56:46+00:00

    Answer:

    $933.3

    Step-by-step explanation:

    Given data

    Principal= $900

    Rate= 7.55%

    Time= 180 days>>> 6months>>> 0.5 years

    Say the account is on a compound interest plan

    A= P(1+r)^t

    substitute

    A= 900(1+0.0755)^0.5

    A= 900(1.0755)^0.5

    A= 900*1.037

    A= $933.3

    Hence the teacher will withdraw $933.3 on a compound interest investment after 6 months

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