The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Principal $6000 Compounded semiannually Rate Time 8% 3 уears A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. A. The amount of money in the account after 3 years is S- (Round to the nearest hundredth as needed.) B. The amount of interest earned is $. (Round to the nearest hundredth as needed.)

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 15E
icon
Related questions
icon
Concept explainers
Topic Video
Question
The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.
Principal
$6000
Compounded
semiannually
Rate
Time
8%
3 years
A. Find how much money there will be in the account after the given number of years.
B. Find the interest earned.
A. The amount of money in the account after 3 years is $
(Round to the nearest hundredth as needed.)
B. The amount of interest earned is $
(Round to the nearest hundredth as needed.)
Transcribed Image Text:The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Principal $6000 Compounded semiannually Rate Time 8% 3 years A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. A. The amount of money in the account after 3 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
Elementary Algebra
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University