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Sagot :
Answer:
$4,179
Step-by-step explanation:
According to the scenario, calculation of the given data are as follows,
Total deposit (P)= $3,500
rate of interest = 6%
Rate of interest (semiannual) (r) = 3%
Time = 3 years
Time period (t) (semiannual) = 6
So, we can calculate the total amount after 3 years by using following formula,
FV = P [tex](1+r)^{t}[/tex]
By putting the value, we get
FV = $3,500 ( 1 + 0.03)^6
FV = $3,500 ( 1.03)^6
= $3,500 × 1.194
= $4,179
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