SOLUTION: Please, I need your help. Find the accumulated value of an investment of $8000 at 8% compounded semiannually for 6 years. Round your answer to the nearest cent.

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Question 141635: Please, I need your help.
Find the accumulated value of an investment of $8000 at 8% compounded semiannually for 6 years. Round your answer to the nearest cent.
Answer by checkley77(12844)   (Show Source): You can put this solution on YOUR website!
p(1+r/n)^t*n (p=principle, r=rate, n=number of periods per year & t=number of years.
8000(1+.08/2)^6*2
8000(1+.04)^12
8000(1.04)^12
8000*1.601
$12,808.26 amount of the investment after 6 years.
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