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Popular >

Find the future value.19,691 invested for 9 years at 3% compounded semiannually

Solution

Find the future value.19, 691 invested for 9 years at 3% compounded semiannually

Solution

Amount : 25742.84

Solution steps

Translate the problem into an equation:

A = 19691 (1 + \frac{0.03}{2})^{2 \cdot 9}

19691 (1 + \frac{0.03}{2})^{2 \cdot 9} = 25742.84446 \dots

Round to the nearest hundredth:

25742.84

Amount : 25742.84

Popular Examples

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