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Popular Word Problems >

You have 500 to invest. The bank offers an interest rate of 6% compounded twice a year. Identify value for A, P, r, n, t and calculate how much money will you have after 1 year?

Solução

Y o u ha v e 500 t o in v es t . T h e bank o ff ers an in t eres t r a t e o f 6% co m p o u n d e d tw i ce a ye a r . I d e n t i f y v a l u e f or A, P, r, n, t an d c a l c u l a t e h o w m u c h m o n ey w i ll yo u ha v e a f t er 1 ye a r ?

Solução

Amount : 530.45

Passos da solução

Translate the problem into an equation:

A = 500 (1 + \frac{0.06}{2})^{2 \cdot 1}

500 (1 + \frac{0.06}{2})^{2 \cdot 1} = 530.45

Amount : 530.45

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