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Popular Word Problems >

solve You invest 100 in a CD with a 6% interest rate, compounded twice a year. How much will you have in40 years?

Solution

so l v e Y o u in v es t 100 in a C D w i t h a 6% in t eres t r a t e, co m p o u n d e d tw i ce a ye a r . Ho w m u c h w i ll yo u ha v e in 40 ye a rs ?

Solution

Amount : 1064.09

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.06}{2})^{2 \cdot 40}

100 (1 + \frac{0.06}{2})^{2 \cdot 40} = 1064.08905 \dots

Round to the nearest hundredth:

1064.09

Amount : 1064.09

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