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    Exam 8: Compound Interest: Future Value and Present Value
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    Fred Borrowed Money 18 Months Ago at 12% Compounded Semiannually
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Fred Borrowed Money 18 Months Ago at 12% Compounded Semiannually

Question 29

Question 29

Multiple Choice

Fred borrowed money 18 months ago at 12% compounded semiannually. He now owes a total of $5450. How much of this is interest?


A) $874.07
B) $893.71
C) $767.67
D) $3540.63
E) $1041.04

Correct Answer:

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