Answer:
$1547.62
Step-by-step explanation:
The principal Marshall invested is $4500.
The rate of interest is 6%
The compound interest formula is
[tex]A=P(1+r)^n[/tex]
We substitute P=4500,r=0.06 and t=5 to obtain:
[tex]A=4500(1+ \frac{0.06}{2} )^ {2 \times 5}[/tex]
We simplify to get:
[tex]A=4500(1+ 0.03)^ {10} = 4500 \times {1.03}^{10} [/tex]
This gives us:
[tex]A=6047.62[/tex]
The interest after 5 years is
[tex]6047.62 - 4500 = 1547.62[/tex]
Total interest amount is $1,547.62.
Given that,
According to the scenario, computation of given data are as follows,
Time period (t) = 5 [tex]\times[/tex] 2 = 10
Rate of interest semiannual (r) = 6% [tex]\div[/tex] 2 = 3%
So, Total amount after 5 years = [tex]4500 (1+ 0.03)^{10}[/tex]
= 4,500 [tex]\times[/tex] 1.34
= $6047.62
So, total interest amount is $6,047.62 - $4,500
= $1,547.62
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