Use Table 11-1 to calculate the compound amount (in $) on an investment of $6,500 at 6% interest, compounded semiannually, for 15 years. (Round your answer to the nearest cent.)

9. [-127 Points] DETAILS BRECMBC9 11.1.023.MI.SA. This question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any points for the skipped part, and you will not be able to come back to the skipped part. Tutorial Exercise Use Table 11-1 to calculate the compound amount (in $) on an investment of $6,500 at 6% interest, compounded semiannually, for 15 years. (Round your answer to the nearest cent.) Step 1 One way to find the value after all the compounding periods is to use a compound interest table. To use the compound interest table, we must know the interest rate per period and the number of compounding periods. The interest rate per period is calculated using the nominal, or annual, rate and the number of periods per year as follows. interest rate per period = nominal rate periods per year The rate was given to be 6%. Interest is compounded semiannually, or 2 times per year. Find the interest rate per period. nominal rate interest rate per period = periods per year % 2 % The total number of compounding periods will be the number of years multiplied by the number of compounding periods per year. The investment accrues interest compounded semiannually so there are 2 compounding periods per year. The investment is for 15 years. Find the total number of compounding periods. total number of compounding periods = number of years x number of compounding periods per year = 15 Submit Skip (you cannot come back)