SOLUTION: Find the balanceon $6,000 deposited at 6% compounded semi-annually for 3 years. A.) $7164.31 B.) $7146.10 C.) $8511.11 J.) $6556.36 Please help ASAP

Algebra ->  Algebra  -> Complex Numbers Imaginary Numbers Solvers and Lesson -> SOLUTION: Find the balanceon $6,000 deposited at 6% compounded semi-annually for 3 years. A.) $7164.31 B.) $7146.10 C.) $8511.11 J.) $6556.36 Please help ASAP      Log On

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Question 139755: Find the balanceon $6,000 deposited at 6% compounded semi-annually for 3 years.

A.) $7164.31
B.) $7146.10
C.) $8511.11
J.) $6556.36 Please help ASAP
Answer by solver91311(12126) About Me  (Show Source):
You can put this solution on YOUR website!
F=P%281%2Br%29%5En

Where F is the future value
P is the principal amount
r is the interest rate per period
n is the number of periods.

Your problem
P = 6000
r = 6%/2 = 3% = .03
n = 6 (semi-annually for 3 years. semi-annually means twice per year, so 3 * 2 = 6

Substitute the values and do the arithmetic. Use your calculator.