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If $8,000 is deposited into an account and earns interest at a rate of 2.75% compounded semiannually, how much interest is earned after 5 years?

If $8,000 is deposited into an account and earns interest at a rate of 2.75% compounded semiannually, how much interest is earned after 5 years?
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If $8,000 is deposited into an account and earns interest at a rate of 2.75% compounded semiannually, how much interest is earned after 5 years?

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User Pistal
by
8.1k points

1 Answer

4 votes

Answer: 9162.18

Explanation:

8000(1+.0275)^5=9162.18675238

simplify and it is 9162.18

answered
User Hibbem
by
8.7k points
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