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7 October, 21:20

Steve's savings account has a balance of $1287. After 4 years, what will the amount of interest be at 6% compounded semiannually?

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  1. 8 October, 00:04
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    A = P (1 + r/n) ^nt

    A = 1287 (1 + 0.06/2) ^8

    A = 1287 (1 + 0.03) ^8

    A = 1287 (1.03) ^8

    A = 1630.33

    1630.33 - 1287 = 343.33

    answer: interest will be $343.33
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