If John invests $600 in a savings account earning interest at a rate of 6% compounded semiannually how much will be in account a
fter 8 years
1 answer:
Answer:
$962.82 will be in John's account after 8 years if compounded semiannually.
Step-by-step explanation:
The formula used to find the amount after 8 years is:
A = P(1+ r/n)^nt
Where A = future value
P= principal value
r = interest rate ( in decimals)
n = no of times interest is compounded
t = time
Putting the values:
P = $600
r = 6% = 0.06
n = 2
t = 8
A= 600 *(1+0.06/2) ^2(8)
A= 600 *(1.03) ^16
A =600*1.605
A = 962.82
So, $962.82 will be in John's account after 8 years if compounded semiannually.
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