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Popular Word Problems >

If you invest 2000 at 6% interest compounded semi-annually, how much will be in the account after 5 years?

Solution

I f yo u in v es t 2000 a t 6% in t eres t co m p o u n d e d se mi - ann u a ll y, h o w m u c h w i ll b e in t h e a cco u n t a f t er 5 ye a rs ?

Solution

Amount : 2687.83

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.06}{2})^{2 \cdot 5}

2000 (1 + \frac{0.06}{2})^{2 \cdot 5} = 2687.83275 \dots

Round to the nearest hundredth:

2687.83

Amount : 2687.83

Popular Examples

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