Answer:
The total amount in the account will be $92456.26
Step-by-step explanation:
To determine the amount in the account, we simply apply the compound interest formula;
[tex]A=P(1+r)^{n}[/tex]
[tex]A = 8000(1+0.06)^{42}\\A = 92456.26[/tex]
We divide the interest rate by 2 to determine the effective rate per semiannual.
We then multiply the number of years by 2 to obtain 42 semiannual payments
