Suppose that $2000 is loaned at a rate of 6% compounded semiannually. Assuming that no payments are made, find the amount owed after 8 years.

Question

Suppose that $2000 is loaned at a rate of 6% compounded semiannually. Assuming that no payments are made, find the amount owed after 8 years. Do not round any intermediate computations, and round your answer to the nearest cent.

Answer 1

A = 2000(1 + 0.06/2)²⁽⁸⁾

Throw that in your calculator for your answer.