For a deposit o $1029 at 9 5% over 4 years, find the interest earned if terest is compounded semaannually quarterly ma th . daily. and continuously.

reevelingw97

reevelingw97

Answered question

2022-11-11

For a deposit o $1029 at 9 5% over 4 years, find the interest earned if terest is compounded semaannually quarterly ma th . daily. and continuously.

Answer & Explanation

Hailee West

Hailee West

Beginner2022-11-12Added 15 answers

Principal - $1029
Rate = 9.5%
Time = 4 years
Interest is compounded semiannually
Amount = P ( 1 + R / 2 100 ) 2 n = 1029 ( 1 + 9 5 / 2 100 ) 4 × 2 = 1029 ( 1.0475 ) 8 = $ 1491.58
Intterest = Amount - Principal
=1491.58-1029
=$ 462.58

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