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Popular Word Problems >

Find the future value and interest earned if ​8704.56 is invested for 9 years at 6​% compounded semiannually.

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Solution

solve for thefuturevalueandinterestearnedif​8704.56isinvestedfor9yearsat6​%compoundedsemiannually.

Solution

Interest:6114.37
Solution steps
Translate the problem into an equation:14818.93=8704.56+I
Solve for I,14818.93=8704.56+I:I=6114.37
Interest:6114.37

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