Chad P.
asked 01/29/24principal: $6 comma 000, annual interest: 7%, interest periods: 2 , number of years: 13
2 Answers By Expert Tutors
See the video.
BTW, plug the information into an online "compound interest calculator." You can't cheat on homework. Homework is a tool used to learn. Use an online calculator to get the correct answer to compare to your answer, to make sure you have it right. Some of those calculators also show steps, and you can use the steps to learn how to calculate it, set up the equation if you don't know how.
Amount in 13 years = 6000(1 + 0.07/2)(2)(13) = 6000(1.035)26 = $14,675.75
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Brenda D.
01/29/24