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Popular Word Problems >

an account is opened with an initial deposit of 6500 and earn 3.6% interest compounded semi-annually. what will the account be worth in 20 years?

Solution

an a cco u n t i s o p e n e d w i t h an ini t ia l d e p os i t o f 6500 an d e a r n 3.6% in t eres t co m p o u n d e d se mi - ann u a ll y . w ha t w i ll t h e a cco u n t b e w or t h in 20 ye a rs ?

Solution

Amount : 13268.58

Solution steps

Translate the problem into an equation:

A = 6500 (1 + \frac{0.036}{2})^{2 \cdot 20}

6500 (1 + \frac{0.036}{2})^{2 \cdot 20} = 13268.58089 \dots

Round to the nearest hundredth:

13268.58

Amount : 13268.58

Popular Examples

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