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

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