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Determining the compounded semi-annually

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(a) Ken invested $6,000 in an a savings account that pays interest at the rate of 1% per quarter. At the end of five years, Ken withdraws only the interest. How much does he withdraw?

(b) How long will it take for an amount of $1,000 to treble if interest is paid at 15 percent per annum if: (i) compounded semi-annually? (2 marks) (ii) compounded quarterly?

Reference no: EM132613541

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