# math

posted by .

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.

• math -

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%

## Similar Questions

1. ### MATH

What wold be the amount of coumpound interest on \$8,000 invested for one year at 6%,compounded quaterly?
2. ### MATH

What would be the amount of coumpound interest on \$8,000 invested for one year at 6%,compounded quaterly?

find out how long it takes a \$2700 investment to double if it is invested by 7% compounded semiannually. Round to the nearest tenth of a year . Use the formula A=P[1+r/n]^nt
4. ### Algebra

How long will it take \$7,000 invested at 5.5% compounded daily to grow to \$14,000?
5. ### Math

What would be the amount of compound interest on \$8,000 invested for one year at 6%, compounded quarterly?
6. ### precalc

If a savings fund pays interest at a rate of 10% per year compounded semiannually, how much money invested now will amount to \$5000 after 1 year?
7. ### bussiness math

what is the effective rate of \$18,000 invested for one year at 8.0%,compounded semiannually?
8. ### math

Find the accumulated amount A if the principal P = \$3,000 is invested at the interest rate of r = 9% per year for t = 5 years, compounded annually. Please round your answer to the nearest cent.
9. ### math

compounded- what would be the amount of compound interest on \$12,000 invested for one year at 6%, compounded quarterly?
10. ### math

Shannon invests \$3,000, at 8% interest, compounded quarterly for one year. Use Table 11-1 to calculate the effective interest rate for her investment. (Round the effective rate to the nearest hundredth percent.)

More Similar Questions