Answer:
$3628.24
Step-by-step explanation:
we use the formula for accrued value (A) with compounded interest:
[tex]A=P(1+\frac{r}{n})^{n*t}[/tex]
where A= accrued value (principal plus the accumulated interest)
P = principal -> in our case $6000
r = annual interest rate (in decimal form) -> in our case 0.06
n = number of compoundings per year. In our case 2 (semiannually)
t = time in years -> in our case 8
[tex]A=P(1+\frac{r}{n})^{n*t}\\A = 6000(1+\frac{0.06}{2})^{16}\\ A= 6000(1+0.03)^{16}\\A = $9628.24[/tex]
Since this is the value of principal plus accumulated interest, we subtract from it the principal ($6000) to get the value of just the interest:
$9628.24 - $6000 = $3628.24
