Account balance is $514. annual rate of 5 3/4%, What is the interest? homework help

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

account balance is $514. annual rate of  5 3/4%.  Interest Period:  Semiannual. How much is the interest?

Jan 15th, 2016

Thank you for the opportunity to help you with your question!

amount = P( 1+ r)^n

= 514(1+ 0.0575/2)^ 2

= 543.98

interest = 543.98 - 514  = 29.98

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Jan 15th, 2016

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