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Popular Word Problems >

Find the balance if 18000 is invested in an account paying 2.5 % interest compounded semi-annually for 21 years.

Solução

F in d t h e ba l an ce i f 18000 i s in v es t e d in an a cco u n t p a y in g 2.5 % in t eres t co m p o u n d e d se mi - ann u a ll y f or 21 ye a rs .

Solução

Amount : 30329.4

Passos da solução

Translate the problem into an equation:

A = 18000 (1 + \frac{0.025}{2})^{2 \cdot 21}

18000 (1 + \frac{0.025}{2})^{2 \cdot 21} = 30329.40178 \dots

Round to the nearest hundredth:

30329.4

Amount : 30329.4

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