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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
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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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Mathematics
3 years
2021-09-05T07:54:51+00:00
2021-09-05T07:54:51+00:00 1 Answers
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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