chandramiller12345 chandramiller12345
  • 14-03-2019
  • Mathematics
contestada

$8000 is compounded semiannually at a rate of 12% for 21 years. Find the total amount in the compound interest account.

Respuesta :

Hulkk Hulkk
  • 16-03-2019

Answer:

The total amount in the account will be $92456.26

Step-by-step explanation:

To determine the amount in the account, we simply apply the compound interest formula;

[tex]A=P(1+r)^{n}[/tex]

[tex]A = 8000(1+0.06)^{42}\\A = 92456.26[/tex]

We divide the interest rate by 2 to determine the effective rate per semiannual.

We then multiply the number of years by 2 to obtain 42 semiannual payments

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