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Popular Word Problems >

Find the future value and interest earned if 8706.54 is invested for 9 years at 5% compounded semiannually

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Solution

Findthefuturevalueandinterestearnedif8706.54isinvestedfor9yearsat5%compoundedsemiannually

Solution

Interest:4872.69
Solution steps
Translate the problem into an equation:13579.23=8706.54+I
Solve for I,13579.23=8706.54+I:I=4872.69
Interest:4872.69

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