David invests $300 into an account with a 2.3% interest rate that is compounded semiannually. How much money will he have in this account if he keeps it for 10 years? Round your answer to the nearest dollar.

David invests $300 into an account with a 2.3% interest rate that is compounded semiannually. How much money will he have in this account if he keeps it for 10 years? Round your answer to the nearest dollar.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

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David invests $300 into an account with a 2.3% interest rate that is compounded semiannually.
How much money will he have in this account if he keeps it for 10 years?
Round your answer to the nearest dollar.
Provide your answer below:

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