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A savings account earns an interest rate of 3.75% compounded semi-annually for an account with an initial deposit of 895. How much money will be in the account after 10 years? Round your answer to the nearest hundredth.

Solution

Solution

Amount : 1297.7

Solution steps

Translate the problem into an equation:

A = 895 (1 + \frac{0.0375}{2})^{2 \cdot 10}

895 (1 + \frac{0.0375}{2})^{2 \cdot 10} = 1297.70348 \dots

Round to the nearest hundredth:

1297.7

Amount : 1297.7

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