Respuesta :
Answer:
9628.24
Step-by-step explanation:
=6000*1+(0.06/2)
=6000 * 1.03^16
=6000*1.604706
=9628.24
Answer:
The interest compounded semiannually for eight years on the amount $6000 is $9628
Solution:
From question given that amount = $6000
Interest rate = 6%
Number of years = 8 years
We have to find the interest on $6000 at 6% compounded semiannually for eight years.
When interest is compounded Half-yearly / semiannually, the compound interest is given as:
[tex]\text {COMPOUND INTEREST}=P\left\{1+\frac{\frac{R}{2}}{100}\right\}^{2N}[/tex]
Where, P = principal amount
R = rate per annum
N = Number of years
Compound interest (C.I) [tex]=6000\left\{1+\frac{\frac{6}{2}}{100}\right\}^{16}[/tex]
[tex]=6000\left\{1+\frac{3}{100}\right\}^{16}[/tex]
[tex]=6000\{1.03\}^{16}[/tex]
[tex]= 6000 \times 1.6047[/tex]
= 9628.23
Hence the interest compounded semiannually for eight years is $9628
