Answer: $20,780.10
Step-by-step explanation:
You need the Compound Interest Formula
A = P(1 + r/n)^nt
Step 1: Create the equation.
12,000(1 + 0.08/2)¹⁴
Step 2: Solve the equation.
Follow PEMDAS (parenthesis, exponents, multiplication...)
Parenthesis: (1 + 0.08/2) = (1 + 0.04) = (1.04)
Exponents: (1.04)¹⁴ = (1.73168)
Multiplication: 12,000(1.73168) = 20,780.1
