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Find the final amount of money in an account if 7,200 is deposited at 7% interest compounded semi annually and the money is left for 5 years.

Solution

Find the final amount of money in an account if 7, 200 is deposited at 7% interest compounded semi annually and the money is left for 5 years.

Solution

Amount : 10156.31

Solution steps

Translate the problem into an equation:

A = 7200 (1 + \frac{0.07}{2})^{2 \cdot 5}

7200 (1 + \frac{0.07}{2})^{2 \cdot 5} = 10156.31107 \dots

Round to the nearest hundredth:

10156.31

Amount : 10156.31

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