The total amount in the compound interest account. 8000 is compounded semiannually at a rate of 11% for 22 years is $92371.97
How to determine the total amount?
The given parameters are:
Principal, P = 8000
Rate, r =11%
Time, t = 22 years
Semiannually means that n = 2.
The total amount in the compound interest account. 8000 is compounded semiannually at a rate of 11% for 22 years is then calculated as:
Amount = P + P *(1 + r/n)^nt
So, we have:
Amount = 8000 + 8000 * (1 + 11%/2)^(22 * 2)
Evaluate the expression
Amount = 92371.97
Hence, the total amount in the compound interest account. 8000 is compounded semiannually at a rate of 11% for 22 years is $92371.97
Read more about compound interest at
https://brainly.com/question/24924853
#SPJ1
