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Popular Word Problems >

An account is opened with an initial deposit of 700 and earns 3.3% interest compounded semi-annually.What will the account be worth in 3 years?

Solution

implicit derivative

a cco u n t i s o p e n e d w i t h an ini t ia l d e p os i t o f 700 an d e a r n s 3.3% in t eres t co m p o u n d e d se mi - ann u a ll y . Wha t w i ll t h e a cco u n t b e w or t h in 3 ye a rs ?

Solution

Amount : 772.22

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.033}{2})^{2 \cdot 3}

700 (1 + \frac{0.033}{2})^{2 \cdot 3} = 772.22229 \dots

Round to the nearest hundredth:

772.22

Amount : 772.22

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