en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

An individual saves 11000 in a bank account at the beginning of each year for 6 years. Determine the total amount saved if the annual interest rate is 8% compounded semi-annually.

Solution

implicit derivative

in d i v i d u a l s a v es 11000 in a bank a cco u n t a t t h e b e g innin g o f e a c h ye a r f or 6 ye a rs . De t er min e t h e t o t a l am o u n t s a v e d i f t h e ann u a l in t eres t r a t e i s 8% co m p o u n d e d se mi ­ - ann u a ll y .

Solution

Amount : 17455.62

Solution steps

Translate the problem into an equation:

A = 11000 (1 + \frac{0.08}{1})^{1 \cdot 6}

11000 (1 + \frac{0.08}{1})^{1 \cdot 6} = 17455.61755 \dots

Round to the nearest hundredth:

17455.62

Amount : 17455.62

Popular Examples

Henry went shopping for a new pair of pants because of a sale. The store was offering a 10% discount. If the price on the tag was 21, what would be the price after the discount but before tax, to the nearest dollar and cent?The sum of two numbers is 14 and their difference is 10 . Find the numbers.80 is 16% of what number?Suppose 30,000 is deposited into an account paying 3.5% interest, compounded annually. How much money is in the account after ten years if no withdrawals or additional deposits are made?Zack and Amy deposit 500.00 into a savings account which earns 10% interest compounded continuously. They want to use the money in the account to go on a trip in 1 year. How much will they be able to spend?