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Pierre deposits $9,000 in a certificate of deposit that pays 8% interest, compounded semiannually. How much interest does the account earn in the first six months? What is the balance after six months?
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Pierre deposits $9,000 in a certificate of deposit that pays 8% interest, compounded semiannually. How much interest does the account earn in the first six months? What is the balance after six months?

User Benten
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1 Answer

4 votes
P = $9,000, the principal
r = 8% = 0.08, the interest rate
n = 2, semiannual compounding

After 6 months, the interest is
9000 * 0.08 = $720
The balance after 6 months is
9000 + 720 = $9720

Answer
Interest = $720
Balance = $9,720

User Harvi Sirja
by
8.3k points
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