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To calculate how much Linda will have in the account after 6 years with a deposit of $4000 at 4.1% interest compounded semiannually, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the amount of money accumulated after n years, including interest
P = the principal amount (initial deposit)
r = annual interest rate (decimal)
n = number of times the interest is compounded per year
t = time the money is invested for in years
Given values:
P = $4000
r = 4.1% = 0.041 (converted to decimal)
n = 2 (compounded semiannually)
t = 6 years
Plugging these values into the formula:
A = 4000(1 + 0.041/2)^(2*6)
A = 4000(1 + 0.0205)^12
A = 4000(1.0205)^12
A = 4000 * 1.282037
A ≈ $5128.15
Therefore, after 6 years, with the given conditions, Linda will have approximately $5128.15 in the account.
