Math Problem Statement
How much money should be deposited today in an account that earns 7 % compounded semiannually so that it will accumulate to $ 12 comma 000 in three years?
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
A = P(1 + r/n)^(nt)
P = A / (1 + r/n)^(nt)
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 9-12
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