Mathematics, 08.04.2020 20:41 terribrady98

Okay, so I've tried working this out but I keep coming across different formulas and it's getting really aggravating. I would really appreciate the help!

$56,500 at 11.5% compounded semiannually for 7 years. How much interest was earned each year?

This is the last time I've tried to solve it, so am I even close to the answer or what am I doing wrong??

Formula: A=P(1+r/n)^nt x 2

A = 56,500(1+0.115/2)^(7 x 2)
= 56,500(1.0575)^(7 x 2)
= 56,500(2.18739)
=12,3587.54

Answers: 1

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Okay, so I've tried working this out but I keep coming across different formulas and it's getting re...