Brenda invests 21,548.57 in a savings account with a fixed annual interest rate of 8.78 % compounded semi-annually. What will the account balance be after 7 years

Solución

Brenda invests 21, 548.57 in a savings account with a fixed annual interest rate of 8.78 % compounded semi-annually. What will the account balance be after 7 years

Solución

Amount : 39322.67

Pasos de solución

Translate the problem into an equation:

A = 21548.57 (1 + \frac{0.0878}{2})^{2 \cdot 7}

21548.57 (1 + \frac{0.0878}{2})^{2 \cdot 7} = 39322.67203 \dots

Round to the nearest hundredth:

39322.67

Amount : 39322.67

Ejemplos populares

Violet walked 9 miles in 3 hours. What was her walking rate in miles per hour?three less than five times a certain number is equal to 67 more than one-third of the number. Find the number two times the sum of the number x and seven is thirteen The product of two consecutive positive odd integers is 483 Xavier opened a savings account and deposited 2,000.00. The account earns 15% interest, compounded monthly. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?