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Beliebt Word Problems >

Brenda invests 23,493.81 in a savings account with a fixed annual interest rate of 2.57 % compounded semi-annually. What will the account balance be after 9 years?

Lösung

B re n d a in v es t s 23, 493.81 in a s a v in g s a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 2.57 % co m p o u n d e d se mi - ann u a ll y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 9 ye a rs ?

Lösung

Amount : 29564.18

Schritte zur Lösung

Translate the problem into an equation:

A = 23493.81 (1 + \frac{0.0257}{2})^{2 \cdot 9}

23493.81 (1 + \frac{0.0257}{2})^{2 \cdot 9} = 29564.17987 \dots

Round to the nearest hundredth:

29564.18

Amount : 29564.18

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