en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Find the balance if 18000 is invested in an account paying 2.5 % interest compounded semi-annually for 21 years.

Solution

solve for

t h e ba l an ce i f 18000 i s in v es t e d in an a cco u n t p a y in g 2.5 % in t eres t co m p o u n d e d se mi - ann u a ll y f or 21 ye a rs .

Solution

Amount : 30329.4

Solution steps

Translate the problem into an equation:

A = 18000 (1 + \frac{0.025}{2})^{2 \cdot 21}

18000 (1 + \frac{0.025}{2})^{2 \cdot 21} = 30329.40178 \dots

Round to the nearest hundredth:

30329.4

Amount : 30329.4

Popular Examples

Jerome is 5 years older than Ramon. The sum of their ages is 41. How old is Ramon now?Select one:The product of two consecutive positive even integers is 80 Raymond earned some money doing odd jobs last summer and put it in a savings account that earns 15% interest compounded monthly. After 10 years, there is 600.00 in the account. How much did Raymond earn doing odd jobs if twice a number added to 3 is divided by the number plus 7, the result is the five thirds.Sarah's father is six times as old as Sarah.:The product of their ages is 150 years.:What are their respective ages.