SOLUTION: what would be the amount of compound intrest on a $6000 invested for two years at 9% compound semiannallp?round you answer to nearest dollar
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Question 258521: what would be the amount of compound intrest on a $6000 invested for two years at 9% compound semiannallp?round you answer to nearest dollar Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! what would be the amount of compound intrest on a $6000 invested for two years at 9% compound semiannallp?round you answer to nearest dollar
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A(t) = P(1+(r/n))^(nt)
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A(2) = 6000(1+(0.09/2))^(2*2)
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A(2) = 6000(1.045)^4
A(2) = 6000*1.1925
A(2) = 7155.11
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Interest = 7155.11-6000 = $1,155.11
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Cheers,
Stan H.
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