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Popular >

Find the future value and interest earned if 8706.54 is invested for 7 years at 6% compounded semiannually

Solution

Find the future value and interest earned if 8706.54 is invested for 7 years at 6% compounded semiannually

Solution

Interest : 4462.88

Solution steps

Translate the problem into an equation:

13169.42 = 8706.54 + I

Solve for

I, 13169.42 = 8706.54 + I : I = 4462.88

Interest : 4462.88

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