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Popular Word Problems >

Justin invests 6,944 in a retirement account with a fixed annual interest rate of 3% compounded 2 times per year. What will the account balance be after 13 years?

Solution

J u s t in in v es t s 6, 944 in a re t i re m e n t a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 3% co m p o u n d e d 2 t im es p er ye a r . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 13 ye a rs ?

Solution

Amount : 10226.5

Solution steps

Translate the problem into an equation:

A = 6944 (1 + \frac{0.03}{2})^{2 \cdot 13}

6944 (1 + \frac{0.03}{2})^{2 \cdot 13} = 10226.49500 \dots

Round to the nearest hundredth:

10226.5

Amount : 10226.5

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