Answer:
The compound amount is $303.03 .
Explanation:
Formula for compound interest:
[tex]A=P\times (1+\frac{R}{n})^{tn})[/tex]
Principle amount = $1100
Rate of the interest compounded semiannually :
= R = 9% = 0.09
Number of times interest compounded, n = [tex]\frac{12}{6}=2[/tex]
(semi means two times in a year)
Time period = T = 14
[tex]A=\$1100\times (1+\frac{0.09}{2})^{2\times 14}=\$303.0310\approx \$303.03[/tex]
The compound amount is $303.03 .
