Question

Find the amount if $12 000 is invested at 5.75%/a compounded semi-annually for 10 years

Answer 1

A = P(1+r/n)^nt
A=12000(1+ (0.0575/2) )^(2*10)
21 153.304



P = principal amount
r = annual rate of interest
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year