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Populaire Word Problems >

Joel deposits 1,000.00 into an account that pays 5.5% interest and is compounded semiannually. How much is in Joel’s account after 4 years?

Solution

J oe l d e p os i t s 1, 000.00 in t o an a cco u n t t ha t p a ys 5.5% in t eres t an d i s co m p o u n d e d se miann u a ll y . Ho w m u c h i s in J oe l ’ s a cco u n t a f t er 4 ye a rs ?

Solution

Amount : 1242.38

étapes des solutions

Translate the problem into an equation:

A = 1000 (1 + \frac{0.055}{2})^{2 \cdot 4}

1000 (1 + \frac{0.055}{2})^{2 \cdot 4} = 1242.38055 \dots

Arrondir à hundredth la plus proche:

1242.38

Amount : 1242.38

Exemples populaires

Martha took out an 8-year loan of 35,790 to purchase a sports utility vehicle at an interest rate of 6.2% compounded monthly. How much will she have to pay in 8 years?9 is 15% of what number? Use the general equation.one less than the product of 10 and a number The différence of two integers is 9. Five times the smaller is 7 more than three times the larger. Find the numbers a woman can bicycle 84 miles in the same time as it takes her to walk 12 miles. She can ride 9 mph faster than she can walk. How fast can she walk?