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Popular Word Problems >

Bob deposited \$4000 into an account with 2.4% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 7 years?

Solution

B o b d e p os i t e d $4000 in t o an a cco u n t w i t h 2.4% in t eres t, co m p o u n d e d se miann u a ll y . A ss u min g t ha t n o w i t h d r a w a l s a re ma d e, h o w m u c h w i ll h e ha v e in t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 4727.02

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.024}{2})^{2 \cdot 7}

4000 (1 + \frac{0.024}{2})^{2 \cdot 7} = 4727.01702 \dots

Round to the nearest hundredth:

4727.02

Amount : 4727.02

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