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If $30400 is invested at an interest rate of 5 percent per year, compounded semi-annually, find the value of the investment after the given number of years.

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1 Answer

P(t) = 30400(1+.05/2)^(2t), where t is the number of years of investment.
P(5) = $38914.57
P(10) = $49813.94
P(15) = $63766.05