Which of the following is the interest on $6000 at 6% compounded semiannually for eight years?
1 answer:
Answer:
$3628.24
Step-by-step explanation:
we use the formula for accrued value (A) with compounded interest:
where A= accrued value (principal plus the accumulated interest)
P = principal -> in our case $6000
r = annual interest rate (in decimal form) -> in our case 0.06
n = number of compoundings per year. In our case 2 (semiannually)
t = time in years -> in our case 8
Since this is the value of principal plus accumulated interest, we subtract from it the principal ($6000) to get the value of just the interest:
$9628.24 - $6000 = $3628.24
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Answer:
1) 20%
2) Choice a.
Step-by-step explanation:
1) is the population initially.
is the population after a year.
represents the population increase factor.
So let's evaluate that fraction:
0.2=20%
2) Let's figure out the population growth in terms of months instead of years.
We want t to represent months.
A full year is 12 months, in a full year we have that
So we want a new P such that since 12 months equals a year.
Let's look at the functions given to see which gives us this:
a)
b)
c)
d)
So a is the function we want.
Also another way to look at this:
where
is in years.
where
is in months.
And