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Popular Word Problems >

Melanie invests 7800 in a new savings account which earns 3.6% annual interest, compounded semi-annually. What will be the value of her investment after 6 years? Round to the nearest cent.

Solution

M e l ani e in v es t s 7800 in a n e w s a v in g s a cco u n t w hi c h e a r n s 3.6% ann u a l in t eres t, co m p o u n d e d se mi - ann u a ll y . Wha t w i ll b e t h e v a l u e o f h er in v es t m e n t a f t er 6 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 9662.02

Solution steps

Translate the problem into an equation:

A = 7800 (1 + \frac{0.036}{2})^{2 \cdot 6}

7800 (1 + \frac{0.036}{2})^{2 \cdot 6} = 9662.02014 \dots

Round to the nearest hundredth:

9662.02

Amount : 9662.02

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