Compound interest at the end of 12 years from now will $813,000 be if compounded at 12% semiannually.
Compound interest is the type of interest that is provided add the cumulative amount present in the account of the individual therefore the interest earned in the later years is greater then that was earned in the previous years.
In the case scenario provided in the question the amount is $60,000 and will be compounded at 12% semiannually that is every six months.
The calculation is Seen as below,
The formula to calculate compound interest is
P (1+i) ^ (1-n)
Where P is the principal amount
i is the interest rate
and n is the number of interest being accrued
$60,000 (1 + 0.12) ^ (1 - 24)
$813,000.
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