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Popular >

Find the future value and interest earned if 8704.56 is invested for 7 years at 4% compounded semiannually.

Solution

Find the future value and interest earned if 8704.56 is invested for 7 years at 4% compounded semiannually.

Solution

Interest : 2780.92

Solution steps

Translate the problem into an equation:

11485.48 = 8704.56 + I

Solve for

I, 11485.48 = 8704.56 + I : I = 2780.92

Interest : 2780.92

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