A bank features a savings account that has an annual percentage rate of 3.5 % with interest compounded semiannually. John Michael deposits 9,500 into the account.How much money will John Michael have in the account in 1 year?

Solution

A bank features a savings account that has an annual percentage rate of 3.5 % with interest compounded semiannually. John Michael deposits 9, 500 into the account.How much money will John Michael have in the account in 1 year?

Solution

Amount : 9835.41

Solution steps

Translate the problem into an equation:

A = 9500 (1 + \frac{0.035}{2})^{2 \cdot 1}

9500 (1 + \frac{0.035}{2})^{2 \cdot 1} = 9835.409375

Round to the nearest hundredth:

9835.41

Amount : 9835.41

Popular Examples

Elizabeth puts 236,000 into an account that earns 4.95% interest compounded continuously. How much will she have in her account at the end of 12.5 years?Directions: Set up and solve an equation for each The product of 7 and a number, increased by 3 is equal to twice the number, subtracted from 39. Find the number.The larger of the two numbers is 3 more than four times the smaller. The difference of the larger number and the smaller number is 6. Find the numbers Eight times the difference of a number and 3 is 40 Find three consecutive even integers such that the sum of the smallest integer and twice the median integer is 20 more than the largest integer.