SOLUTION: Manually calculate the compound interest on an investment of $7,500 at 6% interest, compounded semiannually, for 1 year. a. $7,956.75 b. $456.75 c. $450.00 d. $7,950.00

Question 977771: Manually calculate the compound interest on an investment of $7,500 at 6% interest, compounded semiannually, for 1 year.
a. $7,956.75
b. $456.75
c. $450.00
d. $7,950.00
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Manually calculate the compound interest on an investment of $7,500 at 6% interest, compounded semiannually, for 1 year.
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6% per year = 3% per period = 0.03/period
Doing it manually doesn't mean having someone do it for you.
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7500*1.03 = AMT1
AMT1*1.03 = AMT2 for 1 year.
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