Question

Find the total amount in the compound interest account. $6200 is compounded semiannually at a rate of 12% for 13 years. ​

Answer 1

$28206.17

Explanation:

For compound interest we use the formula

Amount = P(1+r/n) ^nt

= 6200(1+0.12/2)^2×13

= $28206.17