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Arianna invests 5400 in a new savings account which earns 5.6% annual interest, compounded semi-annually. What will be the value of her investment after 6 years? Round to the nearest cent.

Solution

Solution

Amount : 7521.62

Solution steps

Translate the problem into an equation:

A = 5400 (1 + \frac{0.056}{2})^{2 \cdot 6}

5400 (1 + \frac{0.056}{2})^{2 \cdot 6} = 7521.61561 \dots

Round to the nearest hundredth:

7521.62

Amount : 7521.62

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