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Popular Word Problems >

If 10, 000 is invested at an interest rate of 2% per year, compounded semiannually, find the value of the investment after 12 years

Solution

I f 10, 000 i s in v es t e d a t an in t eres t r a t e o f 2% p er ye a r, co m p o u n d e d se miann u a ll y, f in d t h e v a l u e o f t h e in v es t m e n t a f t er 12 ye a rs

Solution

Amount : 12697.35

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.02}{2})^{2 \cdot 12}

10000 (1 + \frac{0.02}{2})^{2 \cdot 12} = 12697.34648 \dots

Round to the nearest hundredth:

12697.35

Amount : 12697.35

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