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Popular Word Problems >

Eva invests 8100 in a new savings account which earns 4.5% annual interest, compounded semi-annually. What will be the value of her investment after 2 years? Round to the nearest cent.

Solução

E v a in v es t s 8100 in a n e w s a v in g s a cco u n t w hi c h e a r n s 4.5% ann u a l in t eres t, co m p o u n d e d se mi - ann u a ll y . Wha t w i ll b e t h e v a l u e o f h er in v es t m e n t a f t er 2 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solução

Amount : 8853.97

Passos da solução

Translate the problem into an equation:

A = 8100 (1 + \frac{0.045}{2})^{2 \cdot 2}

8100 (1 + \frac{0.045}{2})^{2 \cdot 2} = 8853.97488 \dots

Round to the nearest hundredth:

8853.97

Amount : 8853.97

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