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Popular Word Problems >

How much money will there be in an account at the end of 9 years if 3000 is deposited at 7% interest compounded semi-annually?

Solution

Ho w m u c h m o n ey w i ll t h ere b e in an a cco u n t a t t h e e n d o f 9 ye a rs i f ​3000 i s d e p os i t e d a t 7​% in t eres t co m p o u n d e d se mi - ann u a ll y ?

Solution

Amount : 5572.47

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.07}{2})^{2 \cdot 9}

3000 (1 + \frac{0.07}{2})^{2 \cdot 9} = 5572.46758 \dots

Round to the nearest hundredth:

5572.47

Amount : 5572.47

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