Determine the INTEREST ONLY for $4,331.00 earning 5.5% for 4 years, compounded semi-annually.

Question

mediaz0529 mediaz0529

01-03-2021
Mathematics

contestada

Determine the INTEREST ONLY for $4,331.00 earning 5.5% for 4 years, compounded semi-annually.

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emilyjarvis04owbj60 emilyjarvis04owbj60 · Answer 1 · 2021-03-01T02:42:04+01:00

emilyjarvis04owbj60 emilyjarvis04owbj60

01-03-2021

4,331 times 8 (semiannual for 4 yrs) = 34,648
34,648 + 5.5% = 36,553.64

to find interest:
36,553.64 - 34,648 = 1,905.64

THE INTEREST RATE IS $1,905.64

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