Question
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?
Homework Answers
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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