Homework Help: math

Posted by linda on Tuesday, November 13, 2012 at 12:24pm.

whatis the effective rate of $23,000 invested for one year at 6%, compounded semiannually? round your answer to the nearest tenth. could you help me with this one? i need to see the math worked out please. do you have one worked out on the page so i dont have to wait too long.

math - Reiny, Tuesday, November 13, 2012 at 12:33pm
The amount invested does not matter
You simple want the annual rate equivalent to 6% per annum compounded semiannually

let that rate be i

1+i = 1.03^2
1+i = 1.0609
i = .0609
= 6.1%

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