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An investment of $1,000 pays 9% annual interest, compounded semiannually. What is the interest earned in 10 years?

An investment of $1,000 pays 9% annual interest, compounded semiannually. What is the interest earned in 10 years?
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An investment of $1,000 pays 9% annual interest, compounded semiannually. What is the interest earned in 10 years?

User Sylvan
by
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1 Answer

7 votes
A=1,000×(1+0.09÷2)^(2×10)
A=2,411.71
Interest earned=2411.71−1,000=1,411.71
Hope it helps
User Jbobbins
by
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