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Popular Word Problems >

Joel deposits 1,000.00 into an account that pays 5.5% interest and is compounded semiannually. How much is in Joel’s account after 4 years?

Solución

J oe l d e p os i t s 1, 000.00 in t o an a cco u n t t ha t p a ys 5.5% in t eres t an d i s co m p o u n d e d se miann u a ll y . Ho w m u c h i s in J oe l ’ s a cco u n t a f t er 4 ye a rs ?

Solución

Amount : 1242.38

Pasos de solución

Translate the problem into an equation:

A = 1000 (1 + \frac{0.055}{2})^{2 \cdot 4}

1000 (1 + \frac{0.055}{2})^{2 \cdot 4} = 1242.38055 \dots

Redondear al más cercano hundredth:

1242.38

Amount : 1242.38

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