The amount to which $5,000 would grow in ten years at 6% compounded semiannually.

Amount = $ 9030.56

Step-by-step explanation:

Given: Principal value, P = $ 5000

          Rate, R = 6%

          Time, T = 10 years

To find: Amount when compounded semiannually

Semiannual means half yearly which implies interest to be calculated twice in a year.

%

n ( no. of times interest to be applied ) = 2 × 10 = 20

using compound interest formula of calculating amount we get,

⇒ A = $ 9030.56

Therefore, Amount = $ 9030.56

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step-by-step explanation:

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