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The interest on 6000 at 6% compounded semiannually for eight years is?
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The interest on 6000 at 6% compounded semiannually for eight years is?

User Dennis Soemers
by
8.1k points

2 Answers

3 votes
using the formula
I = P x R x T
100
where
I is interest
P is principal
R is rate
T is time in years
I = 6000 x 6 x 8
100
I = 2880
when compounded semi anually the interest will be multiplied by 2
2880 x 2
5760 is the answer
User An Phan
by
8.1k points
2 votes
it will be $3,628.20.
User Yerachmiel
by
8.1k points
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