Welcome to Westonci.ca, where curiosity meets expertise. Ask any question and receive fast, accurate answers from our knowledgeable community. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
Answer:
[tex]\text{ 33,597.91 Yuan}[/tex]Explanation:
Here, we want to get the balance in the account after 5 years
To do this, we use the compound interest formula
Mathematically, we have this as:
[tex]A\text{ = P(1+ }\frac{r}{n})^{nt}[/tex]where A is the account balance after 5 years
P is the amount deposited which is 25,000 Yuan
r is the interest rate which is 6% = 6/100 = 0.06
n is the number of times compounding takes place yearly (since it is semi-annually, it takes place 2 times per year)
t is the number of years in which we would have compounding
Substituting the values, we have it that:
[tex]\begin{gathered} A\text{ = 25,000( 1+ }\frac{0.06}{2})^{10} \\ A\text{ = 33,597.91 Yuan} \end{gathered}[/tex]
Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.
