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Popular Word Problems >

Find the future value and interest earned if ​8804.56 is invested for 9 years at 6​% compounded semiannually.

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Solution

solve for thefuturevalueandinterestearnedif​8804.56isinvestedfor9yearsat6​%compoundedsemiannually.

Solution

Interest:6184.61
Solution steps
Translate the problem into an equation:14989.17=8804.56+I
Solve for I,14989.17=8804.56+I:I=6184.61
Interest:6184.61

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