Question

Emily’s parents put ₹ 1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually, what will be the balance after 18 years?​

Answer 1

Given : Emily’s parents put ₹ 1,500 in her bank account for college tuition

At an interest rate of 8.25% compounded semiannually,

To Find  :balance after 18 years ​

Solution:

P = 1500

R = 8.25 % per annum  = 8.25/2  % semi annually

n = 18 years = 36 Half Years ( semi Annuals)

A = P (1 + R/100)ⁿ

A = amount after 18 years

A = 1500 ( 1  + 8.25/200)³⁶

= 6,427.94

balance after 18 years = Rs  6,427.94

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