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Popular Word Problems >

Find the future value and interest earned if ​8704.56 is invested for 7 years at 5​% compounded semiannually.

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Solution

solve for thefuturevalueandinterestearnedif​8704.56isinvestedfor7yearsat5​%compoundedsemiannually.

Solution

Interest:3594.76
Solution steps
Translate the problem into an equation:12299.32=8704.56+I
Solve for I,12299.32=8704.56+I:I=3594.76
Interest:3594.76

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