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Popular Word Problems >

An individual saves 11000 in a bank account at the beginning of each year for 6 years. Determine the total amount saved if the annual interest rate is 8% compounded semi-annually.

Solução

A n in d i v i d u a l s a v es 11000 in a bank a cco u n t a t t h e b e g innin g o f e a c h ye a r f or 6 ye a rs . De t er min e t h e t o t a l am o u n t s a v e d i f t h e ann u a l in t eres t r a t e i s 8% co m p o u n d e d se mi ­ - ann u a ll y .

Solução

Amount : 17455.62

Passos da solução

Translate the problem into an equation:

A = 11000 (1 + \frac{0.08}{1})^{1 \cdot 6}

11000 (1 + \frac{0.08}{1})^{1 \cdot 6} = 17455.61755 \dots

Round to the nearest hundredth:

17455.62

Amount : 17455.62

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