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Answered
Susan Phillips made two $1200 deposits every year (i.e., semiannual) for 10 years. If the investment pays a return of 6% compounded semiannually, how much interest would Susan's investment earn during the 10 years? Use Tables 23-1A and 23-1B or a calculator.
On Jun 29, 2024
$1,200 × 26.87037 = $32,244.44; $1,200 20 = $24,000;
$32,244.44 -$24,000 = $8,244.44 interest earned