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Popular Word Problems >

Find the balance if 23000 is invested in an account paying 7.5 % interest compounded semi-annually for 20 years.The balance will be

Solução

F in d t h e ba l an ce i f 23000 i s in v es t e d in an a cco u n t p a y in g 7.5 % in t eres t co m p o u n d e d se mi - ann u a ll y f or 20 ye a rs . T h e ba l an ce w i ll b e

Solução

Amount : 100288.71

Passos da solução

Translate the problem into an equation:

A = 23000 (1 + \frac{0.075}{2})^{2 \cdot 20}

23000 (1 + \frac{0.075}{2})^{2 \cdot 20} = 100288.71145 \dots

Round to the nearest hundredth:

100288.71

Amount : 100288.71

Exemplos populares

I took five 100 bills down to the bank. They told me that if I kept all of that money in their bank for at least two years they would guarantee me 3% interest compounded monthly. How much will you have after 2 years One number is five more than twice another. If their sum is decreased by ten, the result is 22 Dakota deposited 500 in an account earning 10% interest compounded annually.To the nearest cent, how much interest will she earn in 3 years?Ariana invested 7,500 in an account paying an interest rate of 2.9% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 14 years?Twice a number decreased by 20 is 50. What is the number?