Suppose that 16,000 is deposited for five years at 4% APR. Calculate the interest earned if interest is compounded semiannually. Round your answer to the nearest cent.

Solución

Suppose that 16, 000 is deposited for five years at 4% APR. Calculate the interest earned if interest is compounded semiannually. Round your answer to the nearest cent.

Solución

Interest : 3503.91

Pasos de solución

Translate the problem into an equation:

19503.91071 \dots = 16000 + I

Resolver para

I, 19503.91071 \dots = 16000 + I : I = 3503.91

Interest : 3503.91

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