Marshall invest $4500 into an account bearing 6% interest compounded semiannually. How much interest will be added into this account after five years? Round to the nearest cent

Total interest amount is $1,547.62.

Given that,

According to the scenario, computation of given data are as follows,

Time period (t) = 5 2 = 10

Rate of interest semiannual (r) = 6% 2 = 3%

So, Total amount after 5 years =

= 4,500 1.34

= $6047.62

So, total interest amount is $6,047.62 - $4,500

= $1,547.62

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$1547.62

Step-by-step explanation:

The principal Marshall invested is $4500.

The rate of interest is 6%

The compound interest formula is

We substitute P=4500,r=0.06 and t=5 to obtain:

We simplify to get:

This gives us:

The interest after 5 years is

the answer is 62.8 cubic units