Question

$1,000 invested at 8% compounded semiannually after a period of 2 years

Answer 1

Answer:

1160 will be the new amount after 2 years

Step-by-step explanation:

P = $1000, t = 2 years, r = 0.08.

A = 1000(1+0.08(2)) = 1000(1.16) = 1160

Therefore 1160 is the new amount after two years.