Robert Duncan made a $1500 deposit to savings account paying 1.6 annual interest compounded semi annually if he kept the money o
1 answer:
Answer: $12
Step-by-step explanation:
The formula to calculate the compound interest , if the interest is compounded semi-annually :-
, where P = Principal amount
r = rate of interest ( in decimal)
t= Time ( in years)
Given : P= $1500
r= 1.6 % =0.016
t= 6 months = year [∵ 1 year = 12 months]
Then, the interest earned by Robert in 6 months will be :-
Hence, Robert earned $12 as interest .
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