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Popolare Word Problems >

an account is opened with an initial deposit of 6500 and earn 3.6% interest compounded semi-annually. what will the account be worth in 20 years?

Soluzione

an a cco u n t i s o p e n e d w i t h an ini t ia l d e p os i t o f 6500 an d e a r n 3.6% in t eres t co m p o u n d e d se mi - ann u a ll y . w ha t w i ll t h e a cco u n t b e w or t h in 20 ye a rs ?

Soluzione

Amount : 13268.58

Fasi della soluzione

Translate the problem into an equation:

A = 6500 (1 + \frac{0.036}{2})^{2 \cdot 20}

6500 (1 + \frac{0.036}{2})^{2 \cdot 20} = 13268.58089 \dots

Arrotondare all' hundredth più vicino:

13268.58

Amount : 13268.58

Esempi popolari

If 240 is invested at an interest rate of 9% per year and is compounded monthly, how much will the investment be worth in 14 years?If 2500 is invested in an account that pays interest compounded continuously, how long will it take to grow to 7500 at 8%?Malik deposits 5000 in an account that pays 3.9% interest compounded continuously. What will be the value of the account in 8 years?If 535 is invested at an interest rate of 6% per year and is compounded continuously, how much will the investment be worth in 10 years?How much money will there be in an account at the end of 8 years if 1,100 is deposited at a 5.5% annual rate that is compounded continuously