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A 2,000 bond with an annual interest rate of 6% compounds semi-annually. What is the value of the bond after 15 years?

Solution

A 2, 000 bond with an annual interest rate of 6% compounds semi-annually. What is the value of the bond after 15 years?

Solution

Amount : 4854.52

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.06}{2})^{2 \cdot 15}

2000 (1 + \frac{0.06}{2})^{2 \cdot 15} = 4854.52494 \dots

Round to the nearest hundredth:

4854.52

Amount : 4854.52

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