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Popolare Word Problems >

An account is opened with an initial deposit of 2,500 and earns 1.8% interest compounded semi-annually.What will the account be worth in 30 years?Round your answer to the nearest cent.

Soluzione

A n 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 2, 500 an d e a r n s 1.8% in t eres t 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 b e w or t h in 30 ye a rs ? R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Soluzione

Amount : 4279.67

Fasi della soluzione

Translate the problem into an equation:

A = 2500 (1 + \frac{0.018}{2})^{2 \cdot 30}

2500 (1 + \frac{0.018}{2})^{2 \cdot 30} = 4279.66704 \dots

Arrotondare all' hundredth più vicino:

4279.67

Amount : 4279.67

Esempi popolari

Two times a number plus three times another number equals 4. Three times the first number plus four times the other number is 7. Find the numbers.ten increased by the product of a number and 8 is at most 23 Jeremiah inherited some money from his grandfather and put it in a bank account that earns 9% interest compounded monthly. After 7 years, Jeremiah had 600.00 in the bank account. How much interest did he earn?Four less than 8 times a number is the same as the number plus 10.Jack is 6 years older than Jill. If four years ago Jack was 3 years less than twice Jill's age, how old is Jill now?