Justin invests 6,944 in a retirement account with a fixed annual interest rate of 3% compounded 2 times per year. What will the account balance be after 13 years?

Solución

Justin invests 6, 944 in a retirement account with a fixed annual interest rate of 3% compounded 2 times per year. What will the account balance be after 13 years?

Solución

Amount : 10226.5

Pasos de solución

Translate the problem into an equation:

A = 6944 (1 + \frac{0.03}{2})^{2 \cdot 13}

6944 (1 + \frac{0.03}{2})^{2 \cdot 13} = 10226.49500 \dots

Round to the nearest hundredth:

10226.5

Amount : 10226.5

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