Karen Gaines invested $13,000 in a money market account with an interest rate of 1.75% compounded semiannually. Six years later, Karen withdrew the full amount to put toward the down payment on a new house. How much did Karen withdraw from the account? Karen withdrew $ (Round to the nearest cent as needed) (COD)
Karen Gaines invested $13,000 in a money market account with an interest rate of 1.75% compounded semiannually. Six years later, Karen withdrew the full amount to put toward the down payment on a new house. How much did Karen withdraw from the account? Karen withdrew $ (Round to the nearest cent as needed) (COD)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Transcribed Image Text:Karen Gaines invested $13,000 in a money market account with an interest rate of 1.75% compounded
semiannually. Six years later, Karen withdrew the full amount to put toward the down payment on a new house. How
much did Karen withdraw from the account?
Karen withdrew $
(Round to the nearest cent as needed)
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