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28 December, 23:37

Brian invests $11,500, at 6% interest, compounded semiannually for 2 years. Manually calculate the compound amount (in $) for his investment.

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  1. 29 December, 02:47
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    The important thing to remember here is that the interest is compounded semi annually, which means twice a year. When the 1st interest is compounded, the second interest is calculated on that new amount.

    (11,500 + (11,500*6%)) = $ 12,190

    (12,190 + (12190*6%)) = $ 12921.40
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