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Popular Word Problems >

Find the future value and interest earned if 8704.56 is invested for 7 years at 4% compounded semiannually.

Solution

solve for

t h e f u t u re v a l u e an d in t eres t e a r n e d i f ​8704.56 i s in v es t e d f or 7 ye a rs a t 4​% co m p o u n d e d se miann u a ll y .

Solution

Interest : 2780.92

Solution steps

Translate the problem into an equation:

11485.48 = 8704.56 + I

Solve for

I, 11485.48 = 8704.56 + I : I = 2780.92

Interest : 2780.92

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