Question

$8000 is compounded semiannually at a rate of 9% for 20 years.

Answer 1

if $8000 is invested for 6 years at a rate 8% compounded continuously, find the new amount: P = $8000, r = 0.08, t = 6 years. A = 8000.e(0.08)(6) = 8000.

Answer 2

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Explanation:

Add the nominal interest rate in decimal form to 1. The first order of operations is parentheses, and you start with the innermost one. ...

Solve step one to the power of how many compounding periods. ...

Subtract from step two. ...

Multiply step three by the principal amount.