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Popular Word Problems >

A principal of 6400 is deposited at 5% for 9 years. What will be the compound amount at the compound interest if the interest is compounded? b. Semi-annually

Solution

A p r in c i p a l o f 6400 i s d e p os i t e d a t 5% f or 9 ye a rs . Wha t w i ll b e t h e co m p o u n d am o u n t a t t h e co m p o u n d in t eres t i f t h e in t eres t i s co m p o u n d e d ? b . S e mi - ann u a ll y

Solution

Interest : 3528.5

Solution steps

Translate the problem into an equation:

9928.50058 \dots = 6400 + I

Solve for

I, 9928.50058 \dots = 6400 + I : I = 3528.5

Interest : 3528.5

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