Determine the INTEREST ONLY for $4,331.00 earning 5.5% for 4 years, compounded semi-annually.

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asked Nov 11, 2022 69.9k views

5 votes

Determine the INTEREST ONLY for $4,331.00 earning 5.5% for 4 years, compounded semi-annually.

Mathematics
high-school

Suada asked

by Suada

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1 Answer

8 votes

4,331 times 8 (semiannual for 4 yrs) = 34,648
34,648 + 5.5% = 36,553.64

to find interest:
36,553.64 - 34,648 = 1,905.64

THE INTEREST RATE IS $1,905.64

Chichilatte answered Nov 15, 2022

by Chichilatte

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