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Popular Word Problems >

Find the present value of 10,000 if interest is paid at a rate of 6% per year, compounded semiannually, for 3 years.

Solução

F in d t h e p rese n t v a l u e o f 10, 000 i f in t eres t i s p ai d a t a r a t e o f 6% p er ye a r, co m p o u n d e d se miann u a ll y, f or 3 ye a rs .

Solução

Amount : 11940.52

Passos da solução

Translate the problem into an equation:

A = 10000 (1 + \frac{0.06}{2})^{2 \cdot 3}

10000 (1 + \frac{0.06}{2})^{2 \cdot 3} = 11940.52296 \dots

Round to the nearest hundredth:

11940.52

Amount : 11940.52

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