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Popular Word Problems >

Abbie invests 1,541 in a savings account with a fixed annual interest rate of 2% compounded 2 times per year. What will the account balance be after 6 years?

Solución

A bbi e in v es t s 1, 541 in a s a v in g s 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 2% 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 6 ye a rs ?

Solución

Amount : 1736.44

Pasos de solución

Translate the problem into an equation:

A = 1541 (1 + \frac{0.02}{2})^{2 \cdot 6}

1541 (1 + \frac{0.02}{2})^{2 \cdot 6} = 1736.43737 \dots

Redondear al más cercano hundredth:

1736.44

Amount : 1736.44

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