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Melanie invests 7800 in a new savings account which earns 3.6% annual interest, compounded semi-annually. What will be the value of her investment after 6 years? Round to the nearest cent.

Solution

Solution

Amount : 9662.02

Solution steps

Translate the problem into an equation:

A = 7800 (1 + \frac{0.036}{2})^{2 \cdot 6}

7800 (1 + \frac{0.036}{2})^{2 \cdot 6} = 9662.02014 \dots

Round to the nearest hundredth:

9662.02

Amount : 9662.02

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