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You deposit 6000 in an account earning 5% interest compounded semiannually. How much will you have in the account in 5 years?

Solution

You deposit 6000 in an account earning 5% interest compounded semiannually. How much will you have in the account in 5 years?

Solution

Amount : 7680.51

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.05}{2})^{2 \cdot 5}

6000 (1 + \frac{0.05}{2})^{2 \cdot 5} = 7680.50726 \dots

Round to the nearest hundredth:

7680.51

Amount : 7680.51

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