Question

The interest on 6000 at 6% compounded semiannually for eight years is?

Answer 1

using the formula
I = P x R x T
100
where
I is interest
P is principal
R is rate
T is time in years
I = 6000 x 6 x 8
100
I = 2880
when compounded semi anually the interest will be multiplied by 2
2880 x 2
5760 is the answer

Answer 2

it will be $3,628.20.