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9 October, 16:34

The interest on 6000 at 6% compounded semiannually for eight years is?

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Answers (2)
  1. 9 October, 16:54
    0
    It will be $3,628.20.
  2. 9 October, 18:16
    0
    Using the formula

    I = P x R x T

    100

    where

    I is interest

    P is principal

    R is rate

    T is time in years

    I = 6000 x 6 x 8

    100

    I = 2880

    when compounded semi anually the interest will be multiplied by 2

    2880 x 2

    5760 is the answer
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