The amount of money he will have assuming an annual interest rate of 8%, compounded semiannually is $454,076.
Any tangible object or verifiable record generally accepted as payment for goods and services and the return of obligations, such as taxes, in a country or socioeconomic context. certain association is called money. Money serves as a medium of commerce, a unit of account, a store of value, and sometimes a deferred payment standard. These are its four main goals.
Since virtually all modern monetary systems are based on unsecured fiat money and have no intrinsic value as a commodity, currency has been an emerging market phenomenon in history. Bank money accounts for most of the broad money in industrialized countries. The value of bank money is credited to the accounts of financial institutions and can be converted into paper money or used for non-cash transactions.
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