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Popolare Word Problems >

Brenda invests 26,375.79 in a savings account with a fixed annual interest rate of 5.63 % compounded semi-annually. What will the account balance be after 6 years?

Soluzione

B re n d a in v es t s 26, 375.79 in a s a v in g s a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 5.63 % co m p o u n d e d se mi - ann u a ll y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 6 ye a rs ?

Soluzione

Amount : 36803

Fasi della soluzione

Translate the problem into an equation:

A = 26375.79 (1 + \frac{0.0563}{2})^{2 \cdot 6}

26375.79 (1 + \frac{0.0563}{2})^{2 \cdot 6} = 36803.00109 \dots

Arrotondare all' hundredth più vicino:

36803

Amount : 36803

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