Brenda invests 26,375.79 in a savings account with a fixed annual interest rate of 5.63 % compounded semi-annually. What will the account balance be after 6 years?

Solution

Brenda invests 26, 375.79 in a savings account with a fixed annual interest rate of 5.63 % compounded semi-annually. What will the account balance be after 6 years?

Solution

Amount : 36803

Solution steps

Translate the problem into an equation:

A = 26375.79 (1 + \frac{0.0563}{2})^{2 \cdot 6}

26375.79 (1 + \frac{0.0563}{2})^{2 \cdot 6} = 36803.00109 \dots

Round to the nearest hundredth:

36803

Amount : 36803

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