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09-02-2021
Mathematics

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If you were to deposit $1,000 into an account that paid 10 percent interest compounded semiannually, how much money would you have in the account one year from now?

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09-02-2021

Semiannual means there will be two total periods in a year. Divide ten percent by two to get the interest rate per period. Then multiple by 1+i twice

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