1. **State the problem:** Evaluate the expression $$P\left(1 + \frac{r}{k}\right)^{kn}$$ given $$P=6000$$, $$r=9\% = 0.09$$, $$k=2$$, and $$n=20$$.
2. **Formula used:** This is the compound interest formula where:
- $$P$$ is the principal amount,
- $$r$$ is the annual interest rate (decimal),
- $$k$$ is the number of compounding periods per year,
- $$n$$ is the number of years.
The formula is:
$$A = P\left(1 + \frac{r}{k}\right)^{kn}$$
3. **Substitute the values:**
$$A = 6000 \left(1 + \frac{0.09}{2}\right)^{2 \times 20}$$
4. **Simplify inside the parentheses:**
$$1 + \frac{0.09}{2} = 1 + 0.045 = 1.045$$
5. **Calculate the exponent:**
$$2 \times 20 = 40$$
6. **Evaluate the power:**
$$1.045^{40}$$
Using a calculator:
$$1.045^{40} \approx 5.006$$
7. **Multiply by the principal:**
$$A = 6000 \times 5.006 = 30036$$
8. **Round to two decimal places:**
$$A \approx 30036.00$$
**Final answer:**
$$\boxed{30036.00}$$
Compound Interest E905Ef
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