Which of the following is the interest on $6000 at 6% compounded semiannually for eight years?

The interest compounded semiannually for eight years on the amount $6000 is $9628

Solution:  

From question given that amount = $6000

Interest rate = 6%

Number of years = 8 years

We have to find the interest on $6000 at 6% compounded semiannually for eight years.

When interest is compounded Half-yearly / semiannually, the compound interest is given as:

Where, P = principal amount

R = rate per annum

N = Number of years

Compound interest (C.I)

= 9628.23

Hence the interest compounded semiannually for eight years is $9628

14

step-by-step explanation:

14 x 3 = 42