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Populaire Word Problems >

Brenda invests 21,548.57 in a savings account with a fixed annual interest rate of 8.78 % compounded semi-annually. What will the account balance be after 7 years

Solution

B re n d a in v es t s 21, 548.57 in a s a v in g s a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 8.78 % co m p o u n d e d se mi - ann u a ll y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 7 ye a rs

Solution

Amount : 39322.67

étapes des solutions

Translate the problem into an equation:

A = 21548.57 (1 + \frac{0.0878}{2})^{2 \cdot 7}

21548.57 (1 + \frac{0.0878}{2})^{2 \cdot 7} = 39322.67203 \dots

Arrondir à hundredth la plus proche:

39322.67

Amount : 39322.67

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