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Popolare Word Problems >

You have a bank account that has a 6% interest rate and is compounded semiannually. How much should you deposit today to have $6000 in the account in 5 years with no withdrawal? Round to the nearest cent.

Soluzione

Soluzione

Principal : 4464.56

Fasi della soluzione

Translate the problem into an equation:

6000 = P (1 + \frac{0.06}{2})^{2 \cdot 5}

Risolvi per

P, 6000 = P (1 + \frac{0.06}{2})^{2 \cdot 5} : P = 4464.56

Principal : 4464.56

Esempi popolari

One number is five less than three times another number. If the sum of the numbers is 3, find the numbers.0.08 is 10 times as great as what number?it $2000 in an account that earns simple interest at an annual rate of 4% How long $500 in interest?21 less than four times number is the same as six times the number plus What is the The differenza of three times a number and half the number is 60