Explanation Given: Amount deposited is $15,000, compounding period is 7.5 years, and interest earned semiannually is 6%. Formula used: I = P ( 1 + i ) n − P Calculation: The amount of interest earned can be calculated by using the formula: I = P ( 1 + i ) n − P where I is the interest earned, P is the principal or present value, i is the interest rate per year, and n is the number of years. Here, interest earned is semiannually. So, divide interest rate by 2 and multiplying the number of years by 2. P = $ 15 , 000 , i = 0.06 2 and n = 7.5 × 2 By using above formula: I = P ( 1 + i ) n − P = $ 15 , 000 ( 1 + 0.06 2 ) 7.5 × 2 − $ 15 , 000 = $ 15 , 000 ( 1 + 0

Mathematics with Applications In the Management, Natural, and Social Sciences (12th Edition)

12th Edition

ISBN: 9780134767628

Author: Margaret L. Lial, Thomas W. Hungerford, John P. Holcomb, Bernadette Mullins

Publisher: PEARSON

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Chapter 5, Problem 64RE

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To calculate: Amount of interest earned.

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Chapter 5, Problem 63RE

Chapter 5, Problem 65RE

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