Question

$6300 at 5% annual rate, compounded semi- annually, for 2 years

Answer 1

$6954.02.

Explanation:

The formula is

A = P(1 + 0.05/n)^2n where A is the amount compounded, P = initial investment and n is the number of years.

A = 6300(1 + (0.05)/2)"(2*2

= 6954.02