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A restaurant needs $540,000 in 6 years for an addition. Find the total interest earned if payments are made at the end of each semiannual period with interest at 8% compounded semiannually. A. $108,756
B. $73,612.80
C. $343,354
D. $35,937

Respuesta :

Aliwohaish12

Answer:

A

Step-by-step explanation:

A=pmt [((1+r/n)^(nt)-1)÷(r/n)]

A future value 540000

Pmt semiannual payment ?

R interest rate 0.08

N semiannual 2

T time 6 years

Pmt =540,000÷(((1+0.08÷2)^(2×6)−1)÷(0.08÷2))=35,938.17


Now find total payments

35,938.17×2×6=431,258.04

interest earnd

540,000−431,258.04

=108,741.96

Which approximatly equals

$108,756

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