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Populaire Word Problems >

Arianna invests 5600 in a new savings account which earns 5.3% annual interest, compounded semi-annually. What will be the value of her investment after 9 years? Round to the nearest cent.

Solution

A r ianna in v es t s 5600 in a n e w s a v in g s a cco u n t w hi c h e a r n s 5.3% ann u a l 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 b e t h e v a l u e o f h er in v es t m e n t a f t er 9 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 8967.04

étapes des solutions

Translate the problem into an equation:

A = 5600 (1 + \frac{0.053}{2})^{2 \cdot 9}

5600 (1 + \frac{0.053}{2})^{2 \cdot 9} = 8967.04178 \dots

Arrondir à hundredth la plus proche:

8967.04

Amount : 8967.04

Exemples populaires

Destiny deposited 100.00 into a new savings account that earns 4.37% interest compounded monthly. How long will it take for the balance to grow to 109.00?Round your answer to the nearest month.The sum of 5 consecutive integers is 120.22285(.89)^x what will the number be when x is 4 39 is 130% of what number?If a fair die is rolled 6 times, what is the probability, rounded to the nearest thousandth, of getting at least 5 sixes?