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Math Help - Compounding question

  1. #1
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    Compounding question

    $1000 is left in a bank account for 5 years.

    If it receives 4% a year compounded annually, how much will be in the acount at the end of 5 years?

    At the end of 10 years, there is $4,036.66 in a bank account. If the account received a nominal annual interest rate of 6% a year compounded semi-annually, how much was originally put in the bank?
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  2. #2
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    This looks like just a simple calculation for Present Value and Future value to me. Don't quote me cause I am just learning. If I am correct the second part is $3,003.65, the first part = $1,216.65
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  3. #3
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    how did u get the answer to the second question? i keep getting 2,235.

    x(1.03)^20 = 4036.66
    and then i solved for x

    thanks!
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  4. #4
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    OOps sorry, you are right.
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