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Popular Word Problems >

Find the future value and interest earned if 8704.56 is invested for 7 years at 6% compounded semiannually

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 8704.56 i s in v es t e d f or 7 ye a rs a t 6% co m p o u n d e d se miann u a ll y

Solution

Interest : 4461.87

Solution steps

Translate the problem into an equation:

13166.43 = 8704.56 + I

Solve for

I, 13166.43 = 8704.56 + I : I = 4461.87

Interest : 4461.87

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