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Popular Word Problems >

find the future value and interest earned if \$8904.56 is invested for 8 years at 6% compounded, semiannually, and continuously

Solution

solve for

t h e f u t u re v a l u e an d in t eres t e a r n e d i f $8904.56 i s in v es t e d f or 8 ye a rs a t 6% co m p o u n d e d, se miann u a ll y, an d co n t in u o u s l y

Solution

Interest : 5384.64

Solution steps

Translate the problem into an equation:

14289.2 = 8904.56 + I

Solve for

I, 14289.2 = 8904.56 + I : I = 5384.64

Interest : 5384.64

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