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How long will it take $400 to accumulate to $760 at 7% p.a. compounded semi- annually?

How long will it take $400 to accumulate to $760 at 7% p.a. compounded semi- annually?


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Answer #1

Given,

Present value = $400

Future value = $760

Interest rate = 7%

Solution :-

Number of years = n 2

= 18.657769388 2 = 9.33 years

Thus, it will take 9.33 years to accumulate $760.

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