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Popular Word Problems >

A 2,000 bond with an annual interest rate of 6% compounds semi-annually. What is the value of the bond after 15 years?

Solution

A 2, 000 b o n d w i t h an ann u a l in t eres t r a t e o f 6% co m p o u n d s se mi - ann u a ll y . Wha t i s t h e v a l u e o f t h e b o n d a f t er 15 ye a rs ?

Solution

Amount : 4854.52

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.06}{2})^{2 \cdot 15}

2000 (1 + \frac{0.06}{2})^{2 \cdot 15} = 4854.52494 \dots

Round to the nearest hundredth:

4854.52

Amount : 4854.52

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