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Popular Word Problems >

Find the future value and interest earned if 8806.54 is invested for 9 years at 5% compounded semiannually

Solution

solve for

t h e f u t u re v a l u e an d in t eres t e a r n e d i f ​8806.54 i s in v es t e d f or 9 ye a rs a t 5​% co m p o u n d e d se miann u a ll y

Solution

Interest : 4928.66

Solution steps

Translate the problem into an equation:

13735.2 = 8806.54 + I

Solve for

I, 13735.2 = 8806.54 + I : I = 4928.66

Interest : 4928.66

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