Calculate the interest earned when $40 000 is invested for 6 years at 9% pa compounded each 6 months
Question
Solution 1
Sure, here's how you can calculate the interest earned:
Step 1: Understand the terms
- Principal amount (P) = $40,000
- Time period (t) = 6 years
- Annual interest rate (r) = 9% or 0.09
- Number of times interest is compounded per year (n) = 2 (since it's compounded every 6 months)
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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