Semiannually compound interest

If you deposit $5000 into an account paying 8.25% annual interest compounded semiannually, how long until there is $9350 in the account?

Correct result:

t =  96 m

Solution:

p=8.25%=8.25100=0.0825 i=1+p/2=1+0.0825/2=8338001.0413  5000 in=9350 in=9350/5000  nlogi=log9350/5000  n=log(9350/5000)log(i)=log(9350/5000)log(1.0413)15.4851 n1=n=15.4851=16  t=12/2 n1=12/2 16=96 m



We would be pleased if you find an error in the word problem, spelling mistakes, or inaccuracies and send it to us. Thank you!






Showing 0 comments:
avatar




Next similar math problems:

  • Compound Interest
    exp_growth2 If you deposit $6000 in an account paying 6.5% annual interest compounded quarterly, how long until there is $12600 in the account?
  • If you 2
    exp_growth If you deposit $4000 into an account paying 9% annual interest compounded monthly, how long until there is $10000 in the account?
  • If you 4
    exp_growth If you deposit $2500 in an account paying 11% annual interest compounded quarterly, how long until there is the $4500 in the account?
  • If you 3
    bank2 If you deposit $4500 at 5% annual interest compound quarterly, how much money will be in the account after 10 years?
  • Compound interest 4
    exp_growth2 3600 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 25 years, to the nearest cent?
  • How much 2
    bank2_1 How much money would you need to deposit today at 5% annual interest compounded monthly to have $2000 in the account after 9 years?
  • Two accounts
    bank A banker divided $5000 between 2 accounts, one paying 10% annual interest and the second paying 8% annual interest. Express the amount invested in the 10% account in the terms of the amount invested in the 8% account.
  • Compound interest 3
    exp_growth2 After 8 years, what is the total amount of a compound interest investment of $25,000 at 3% interest, compounded quarterly? (interest is now dream - in the year 2019)
  • Saving 9
    penize_40 An amount if $ 2000 is invested at an interest of 5% per month. if $ 200 is added at the beginning of each successive month but no withdrawals. Give an expression for the value accumulated after n months. After how many months will the amount have accumul
  • Savings
    penize_5 Suppose on your 21st birthday you begin making monthly payments of $500 into an account that pays 8% compounded monthly. If you continue the payments untill your 51st birthday (30 years), How much money will be in your account? How much of it is interest?
  • Investment
    penize_49 1000$ is invested at 10% compound interest. What factor is the capital multiplied by each year? How much will be there after n=12 years?
  • Bank
    money_3 Paul put 10000 in the bank for 6 years. Calculate how much you will have in the bank if he not pick earned interest or change deposit conditions. The annual interest rate is 3.5%, and the tax on interest is 10%.
  • Compound interest
    exponential_usd Calculate time when deposit in the bank with interest 2.5% p.a. doubles.
  • Compound interest
    bank_3 Compound interest: Clara deposited CZK 100,000 in the bank with an annual interest rate of 1.5%. Both money and interest remain deposited in the bank. How many CZK will be in the bank after 3 years?
  • Annual pension
    penize_49 Calculate the amount of money generating an annual pension of EUR 1000, payable at the end of the year and for a period of 10 years, shall be inserted into the bank to account with an annual interest rate of 2%
  • Deposit
    ping_bank If you deposit 719 euros the beginning of each year, how much money we have at 1.3% (compound) interest after 9 years?
  • Future value
    penize_2 Suppose you invested $1000 per quarter over a 15 years period. If money earns an anual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earn?