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Popular Word Problems >

Raju deposited 15000 in an account that pays 5.68% compound interest per year. Find the total amount in the account after 6 years if the interest is compounded half a yearly

Solution

R aj u d e p os i t e d 15000 in an a cco u n t t ha t p a ys 5.68% co m p o u n d in t eres t p er ye a r . F in d t h e t o t a l am o u n t in t h e a cco u n t a f t er 6 ye a rs i f t h e in t eres t i s co m p o u n d e d ha l f a ye a r l y

Solution

Amount : 20895.27

Solution steps

Translate the problem into an equation:

A = 15000 (1 + \frac{0.0568}{1})^{1 \cdot 6}

15000 (1 + \frac{0.0568}{1})^{1 \cdot 6} = 20895.27478 \dots

Round to the nearest hundredth:

20895.27

Amount : 20895.27

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