Answer:
$14,469.43
Step-by-step explanation:
(see attached)
the formula for compound interest is as follows:
A = P [ 1 + (r/n) ]^(nt)
Where
A = Final amount (we are asked to find this)
P = Principal Amount = $9,566
r = interest rate = 6% = 0.06
t = time elapsed = 7 years
n = 2 (number of times per year that interested is compounded for semi annual)
Substituting the above into the equation,
A = 9,566 [ 1 + (0.06/2) ]^[ (2)(7) ] = $14,469.43
