Find the compound amount for the deposit. Round to the nearest cent.
-$\$ 11,000$ at $8 \%$ compounded semiannually for 6 years
A) $\$ 17,455.62$
B) $\$ 17,611.35$
C) $\$ 16,280.00$
D) $\$ 13,918.51$

Question

Quizplus · Accepted Answer

The compound amount is calculated using the formula $ A = P(1 + \frac{r}{n})^{nt} $. Here, $ P = 11000 $, $ r = 0.08 $, $ n = 2 $, and $ t = 6 $. Plugging in these values, $ A = 11000(1 + \frac{0.08}{2})^{2 \times 6} = 11000(1.04)^{12} \approx 17611.35 $.

Find the Compound Amount for the Deposit $11,000\$ 11,000$11,000 At 8%8 \%8%

Find the Compound Amount for the Deposit $\$ 11,000$ At $8 \%$