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Use the Compound Interest Formula for Compounding More Than Once

Question 128

Multiple Choice

Use the compound interest formula for compounding more than once a year to determine the accumulated balance afterthe stated period.
-$5150 deposit at an APR of 4% with semiannual compounding for 6 years


A) $6516.39
B) $6386.00
C) $6531.45
D) $5799.74

Correct Answer:

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