Question

18,000 at 9% compounded semiannually for 6 years. Find the total value of the investment after the time given.

Answer 1

Answer:20,347

Explanation:

Answer 2

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$18000\\ r=rate\to 9\%\to (9)/(100)\to &0.09\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{semi-annual, thus twice} \end{array}\to &2\\ t=years\to &6 \end{cases} \\\\\\ A=18000\left(1+(0.09)/(2)\right)^(2\cdot 6)\implies A=18000(1.045)^(12)`