Find the compound amount for the following deposit.$18,000 at 6% compounded semi-annually for 7 years.The compound amount after 7 years will be $(Round to the nearest cent.)

Answer Amount 18000 Year 7 Rate 6% Comounding Semi-Annualy

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Find the compound amount for the following deposit. $18,000 at 6% compounded semi-annually for 7 years.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

Find the compound amount for the following deposit.
$18,000 at 6% compounded semi-annually for 7 years.
The compound amount after 7 years will be $
(Round to the nearest cent.)

Expert Solution

Step 1

Answer

Amount	18000
Year	7
Rate	6%
Comounding	Semi-Annualy

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