You have 500 to invest. The bank offers an interest rate of 6% compounded twice a year. Identify value for A, P, r, n, t and calculate how much money will you have after 1 year?

Solución

Solución

Amount : 530.45

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.06}{2})^{2 \cdot 1}

500 (1 + \frac{0.06}{2})^{2 \cdot 1} = 530.45

Amount : 530.45

Ejemplos populares

Alice borrowed 4,000 for 3 years at 10% compound interest rate. How much interest is that?Two times the sum of a number and three is five more than the number. What is the number?8 times the sum of a number and 3 square has a perimeter of 25 inches. What is the área of the square Suppose that 2700 is borrowed for seven years at an interest rate of 5% per year, compounded continuously. Find the amount owed, assuming no payments are made until the end. Do not round any intermediate computations, and round your answer to the nearest cent.