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Beliebt Word Problems >

An initial investment of 14,000 is appreciated for 3 years in an account that earns 10% interest, compounded semiannually. Find the amount of money in the account at the end of the period.

Lösung

A n ini t ia l in v es t m e n t o f 14, 000 i s a pp rec ia t e d f or 3 ye a rs in an a cco u n t t ha t e a r n s 10% in t eres t, co m p o u n d e d se miann u a ll y . F in d t h e am o u n t o f m o n ey in t h e a cco u n t a t t h e e n d o f t h e p er i o d .

Lösung

Amount : 18761.34

Schritte zur Lösung

Translate the problem into an equation:

A = 14000 (1 + \frac{0.1}{2})^{2 \cdot 3}

14000 (1 + \frac{0.1}{2})^{2 \cdot 3} = 18761.33896 \dots

Round to the nearest hundredth:

18761.34

Amount : 18761.34

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