SOLUTION: Rigoberto invests $8,000, at 6% interest, compounded semiannually for 1 year. Use the compound interest formula to calculate the compound interest for his investment. a. $400.00

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Rigoberto invests $8,000, at 6% interest, compounded semiannually for 1 year. Use the compound interest formula to calculate the compound interest for his investment. a. $400.00      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 977772: Rigoberto invests $8,000, at 6% interest, compounded semiannually for 1 year. Use the compound interest formula to calculate the compound interest for his investment.
a. $400.00
b. $8,400.00
c. $487.20
d. $8,417.50
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=8000(1.03)^2
FV=8487.20
---------
8487.20-8000=(C) $487.20