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Brenda invests 23,493.81 in a savings account with a fixed annual interest rate of 2.57 % compounded semi-annually. What will the account balance be after 9 years?

Solution

Brenda invests 23, 493.81 in a savings account with a fixed annual interest rate of 2.57 % compounded semi-annually. What will the account balance be after 9 years?

Solution

Amount : 29564.18

Solution steps

Translate the problem into an equation:

A = 23493.81 (1 + \frac{0.0257}{2})^{2 \cdot 9}

23493.81 (1 + \frac{0.0257}{2})^{2 \cdot 9} = 29564.17987 \dots

Round to the nearest hundredth:

29564.18

Amount : 29564.18

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