You deposit $3000 in an account that pays 6% interest compounded semiannually. After 3 years, the interest rate is increased to 6.20% compounded quarterly. What will be the value of the account after a total of 6 years? The value of the account will be
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The formula for compounded interest is based on the principal, P, the nominal interest rate, i, and the number of compounding periods. The formula you would use to calculate the total interest if it is compounded is P[(1+i)^n-1].
Step-by-step explanation:
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Answer:
The formula for compounded interest is based on the principal, P, the nominal interest rate, i, and the number of compounding periods. The formula you would use to calculate the total interest if it is compounded is P[(1+i)^n-1].
Step-by-step explanation:
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