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Popular Word Problems >

Find the future value and interest earned if 8706.54 is invested for 8 years at 6% compounded 1(a) The future value when interest is compounded semiannually is approximately

Solution

solve for

t h e f u t u re v a l u e an d in t eres t e a r n e d i f ​8706.54 i s in v es t e d f or 8 ye a rs a t 6​% co m p o u n d e d ​1​ (a) T h e f u t u re v a l u e w h e n in t eres t i s co m p o u n d e d se miann u a ll y i s a pp ro x ima t e l y ​

Solution

Interest : 5264.9

Solution steps

Translate the problem into an equation:

13971.44 = 8706.54 + I

Solve for

I, 13971.44 = 8706.54 + I : I = 5264.9

Interest : 5264.9

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