Question

step 5
finally, we know $fv = 13,128.46$ and $pv = 8,200$. substitute these values into the equation we wrote to represent the interest earned.
$i = fv - pv$
$= 13,128.46 - \square$
how much interest (in dollars) is earned in 6 years on $8,200 deposited in an account paying 8% interest compounded semiannually? (round your answer to the nearest cent.)
$\\$$\square$

Explanation:

Step1: Substitute PV value

$I = 13,128.46 - 8,200$

Step2: Calculate interest amount

$I = 4,928.46$

Answer:

$4,928.46$