posted by linda on .
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 don't have to wait too long.
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