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3 votes
What is $1000 for 6 years at 1.4% compounded semiannually?

User QBrute
by
7.5k points

2 Answers

4 votes
The formula is
A=p (1+r/k)^kt
A future value?
P initial deposited 1000
R interest rate 1.4/100=0.014
K compounded semiannual 2
T time 6 years
Plug in the formula
A=1,000×(1+0.014÷2)^(2×6)
A=1,087.31

Also, if you want to calculate the interest earned just subtract the initial deposited from the amount of the future value
I=A-p
I=1087.31-1000=87.31

Hope it helps!
User Liniel
by
7.1k points
2 votes
The value will be $ 1,087.31
User Chris Calo
by
7.9k points