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Jake has taken out a loan for 4000 dollars and is required to pay it back in 3 years. His lender has accepted to let
Jake has taken out a loan for 4000 dollars and is required to pay it back in 3 years. His lender has accepted to let him pay 7% compounded semi-annually. How much will Jake have to pay back?
Can you please show me every step, I know that the interest will be 1.035% but I don't know how to compound it. I already know the answer but would like to see step by step you come to an answer.
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