SOLUTION: 3. find the compound interest earned by the deposit. round to the nearest cent. $3590 at 12% componded semiannually at 8yrs a.$5298.71 b.$34446.40 c.$2131.91 d.$5529.86

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: 3. find the compound interest earned by the deposit. round to the nearest cent. $3590 at 12% componded semiannually at 8yrs a.$5298.71 b.$34446.40 c.$2131.91 d.$5529.86      Log On


   

Question 203572: 3. find the compound interest earned by the deposit. round to the nearest cent.

$3590 at 12% componded semiannually at 8yrs
a.$5298.71
b.$34446.40
c.$2131.91
d.$5529.86
Answer by scott8148(6628) About Me  (Show Source):
You can put this solution on YOUR website!
there are 16 compounding periods (2 * 8)
___ the interest is 6% per compounding (12% / 2)

p = 3590 (1 + .06)^16 = 9119.86

interest = p - 3590 = 9119.86 - 3590 = 5529.86