An individual saves 11000 in a bank account at the beginning of each year for 6 years. Determine the total amount saved if the annual interest rate is 8% compounded semi-annually.

Solución

Solución

Amount : 17455.62

Pasos de solución

Translate the problem into an equation:

A = 11000 (1 + \frac{0.08}{1})^{1 \cdot 6}

11000 (1 + \frac{0.08}{1})^{1 \cdot 6} = 17455.61755 \dots

Round to the nearest hundredth:

17455.62

Amount : 17455.62

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An individual saves 11000 in a bank account at the beginning of each year for 6 years. Determine the total amount saved if the annual interest rate is 8% compounded semi­-annually.

Solución

Solución

Ejemplos populares

An individual saves 11000 in a bank account at the beginning of each year for 6 years. Determine the total amount saved if the annual interest rate is 8% compounded semi-annually.