Semiannually compound interest
If you deposit $ 5,000 into an account paying 8.25% annual interest compounded semiannually, how long until there is $9350 in the account?
Correct answer:
You need to know the following knowledge to solve this word math problem:
- algebra
- exponential equation
- expression of a variable from the formula
- basic functions
- logarithm
- exponential function
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