en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

You deposit 6000 in an account earning 5% interest compounded semiannually. How much will you have in the account in 5 years?

Solution

Y o u d e p os i t 6000 in an a cco u n t e a r nin g 5% in t eres t co m p o u n d e d se miann u a ll y . Ho w m u c h w i ll yo u ha v e in t h e a cco u n t in 5 ye a rs ?

Solution

Amount : 7680.51

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.05}{2})^{2 \cdot 5}

6000 (1 + \frac{0.05}{2})^{2 \cdot 5} = 7680.50726 \dots

Round to the nearest hundredth:

7680.51

Amount : 7680.51

Popular Examples

The diameter of a circle is 8 m. Find its area in terms of pipi.Maureen is saving up money to buy a car. Maureen puts 10,000.00 into an account which earns 4% interest, compounded monthly. How much will she have in the account after 7 years?Felix has 100 in an account that earns 5% interest compounded annually.To the nearest cent, how much interest will he earn in 2 years?0.2 of what number is 15 Huilan is 6 years older than Thomas. The sum of their ages is 56. What is Thomas's age?