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Arianna invests 5600 in a new savings account which earns 5.3% annual interest, compounded semi-annually. What will be the value of her investment after 9 years? Round to the nearest cent.

Solution

Solution

Amount : 8967.04

Solution steps

Translate the problem into an equation:

A = 5600 (1 + \frac{0.053}{2})^{2 \cdot 9}

5600 (1 + \frac{0.053}{2})^{2 \cdot 9} = 8967.04178 \dots

Round to the nearest hundredth:

8967.04

Amount : 8967.04

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