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Popular Word Problems >

What is the future value if 9000 is invested for 8 years at 11% compound semiannually? Round to the nearest cent

Solução

Wha t i s t h e f u t u re v a l u e i f 9000 i s in v es t e d f or 8 ye a rs a t 11% co m p o u n d se miann u a ll y ? R o u n d t o t h e n e a res t ce n t

Solução

Amount : 21197.36

Passos da solução

Translate the problem into an equation:

A = 9000 (1 + \frac{0.11}{2})^{2 \cdot 8}

9000 (1 + \frac{0.11}{2})^{2 \cdot 8} = 21197.36429 \dots

Round to the nearest hundredth:

21197.36

Amount : 21197.36

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