Question

How do i do this? Its confusing

Answer 1

$12,415.48

Explanation:

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

where A is the final amount,

P is the initial amount,

r is the annual interest rate as a decimal,

n is the number of compoundings per year,

and t is the number of years.

A = 8000 (1 + 0.152/2)^(2×3)

A = 8000 (1.076)^6

A = 12415.48