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This is a compound interest problem where interest is compounded semiannually. We can solve it using the compound interest formula:

\[
A = P \left(1 + \frac{r}{n}\right)^{nt}
\]

where:
- $ A $ is the amount of money in the account after $ t $ years,
- $ P $ is the principal (initial amount) = \$3000,
- $ r $ is the annual interest rate as a decimal = 7.98% or 0.0798,
- $ n $ is the number of times the interest is compounded per year (semiannually means $ n = 2 $),
- $ t $ is the time the money is invested for in years = 7.

Let's calculate the final amount.The amount in the account after 7 years, with interest compounded semiannually, is approximately **$5188.04**.

Would you like a detailed explanation or further clarification?

Here are some related questions you might be interested in:
1. What happens if interest is compounded quarterly instead of semiannually?
2. How much interest is earned after 7 years?
3. How would the amount change if the time period was extended to 10 years?
4. What would the final amount be with a higher interest rate, say 9%?
5. How does the frequency of compounding (monthly vs. annually) affect the final amount?

**Tip**: The more frequently interest is compounded, the larger the final amount will be, since interest is calculated more often.

Interest is compounded semiannually. Find the amount in the account after the given length of time.
Principal: $3,000
Rate: 7.98%
Time: 7 years

Find out how to calculate the compound interest for a principal of $3,000 with an interest rate of 7.98%, compounded semiannually for 7 years. Learn the step-by-step process to find the final amount using the compound interest formula.

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