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Popular 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.

Solution

implicit derivative

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 .

Solution

Amount : 4279.67

Solution steps

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

Round to the nearest hundredth:

4279.67

Amount : 4279.67

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