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Popular Word Problems >

Arianna invests 5400 in a new savings account which earns 5.6% annual interest, compounded semi-annually. What will be the value of her investment after 6 years? Round to the nearest cent.

Solução

A r ianna in v es t s 5400 in a n e w s a v in g s a cco u n t w hi c h e a r n s 5.6% ann u a l in t eres t, co m p o u n d e d se mi - ann u a ll y . Wha t w i ll b e t h e v a l u e o f h er in v es t m e n t a f t er 6 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solução

Amount : 7521.62

Passos da solução

Translate the problem into an equation:

A = 5400 (1 + \frac{0.056}{2})^{2 \cdot 6}

5400 (1 + \frac{0.056}{2})^{2 \cdot 6} = 7521.61561 \dots

Round to the nearest hundredth:

7521.62

Amount : 7521.62

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