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Popular Word Problems >

Suppose that 17,000is deposited for five years at 3%APR. Calculate the interest earned if interest is compounded semiannually. Round your answer to the nearest cent.

Solution

S u pp ose t ha t 17, 000 i s d e p os i t e d f or f i v e ye a rs a t 3% A PR . C a l c u l a t e t h e in t eres t e a r n e d i f in t eres t i s co m p o u n d e d se miann u a ll y . R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Solution

Interest : 2729.19

Solution steps

Translate the problem into an equation:

19729.19402 \dots = 17000 + I

Solve for

I, 19729.19402 \dots = 17000 + I : I = 2729.19

Interest : 2729.19

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