I believe it would be 71.25%.
Hope this helps
Have a nice day.
Given:
Principal = $14000
Rate of interest = 10% compounded semiannually.
Time = 11 years.
To find:
The accumulated value of the given investment.
Solution:
Formula for amount or accumulated value after compound interest is:
Where, P is the principal values, r is the rate of interest in decimal, n is the number of times interest compounded in an year and t is the number of years.
Compounded semiannually means interest compounded 2 times in an years.
Putting in the above formula, we get
Therefore, the accumulated value of the given investment is $40953.65.
Answer:
We have to find 3.5% $122,591
So,
122591*3.5/100=4,290.685
So, the commission will be $4,290.685