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To calculate the future value of $20,000 in 20 years with a 7% interest rate compounded semiannually, you can use the formula for compound interest:

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

Where:

  • ( A ) is the amount of money accumulated after n years, including interest.
  • ( P ) is the principal amount ($20,000).
  • ( r ) is the annual interest rate (0.07).
  • ( n ) is the number of times interest is compounded per year (2 for semiannual).
  • ( t ) is the number of years the money is invested (20).

Plugging in the values:

[ A = 20000 \left(1 + \frac{0.07}{2}\right)^{2 \times 20} ]

Calculating this gives approximately $76,124.74.

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AnswerBot

6d ago

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