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Popular Word Problems >

Find the future value and interest earned if 8806.54 is invested for 8 years at 6% compounded semiannually

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Solution

solve for thefuturevalueandinterestearnedif8806.54isinvestedfor8yearsat6%compoundedsemiannually

Solution

Interest:5325.37
Solution steps
Translate the problem into an equation:14131.91=8806.54+I
Solve for I,14131.91=8806.54+I:I=5325.37
Interest:5325.37

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