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olasank [31]
3 years ago
6

Sam puts $500 in the bank and does not put any more money in or take any out for eight years. He receives 6% interest yearly, co

mpounded semi-annually. How much money will be in the account after eight years?
Mathematics
1 answer:
drek231 [11]3 years ago
5 0

Answer:

$894

Step-by-step explanation:

0.06 x 500 x 8^1.25 (-9)= 500+ 403 = $903-9= $894

1.25 = 1/8 of 1 (-9)

1=each power.

8th year = $843.75

9th year = $894

Semi annually you can do the same as 16/1 -17

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To compare the answers, you need to have the same denominator. 

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3 years ago
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