SOLUTION: if $14,000 is invested and compounded semiannually for 6 years at 12%, how much money will be available at the end of the 6 years?

Question 693208: if $14,000 is invested and compounded semiannually for 6 years at 12%, how much money will be available at the end of the 6 years?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!

Start with the compound interest formula

Plug in , (the decimal equivalent of 12%), and .

Evaluate to get

Add to to get

Multiply and to get .

Evaluate to get .

Multiply and to get .

Round to the nearest hundredth (ie to the nearest penny).

So about $28,170.75 will be in the account in 6 years.
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