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8 May, 05:54

How much money will there be in an account at the end of 7 years if $14000 is deposited at 7% compounded

semi-annually?

The amount after 7 years will be $

(Round to the nearest cent.)

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Answers (1)
  1. 8 May, 06:24
    0
    Answer: A = $22,661.7

    Step-by-step explanation:

    Formular for compound interest is

    A = P (1+r/n) ^ nt

    Where P is the Principal given as $14000

    R is rate given as 7% = 7/100 = 0.07

    T is the time given as 7years

    n is semi-annual, then n = 2

    Slot the values into the formula

    A = 14000 (1 + 0.07/2) ^ 2 x 7

    14000. (1 + 0.035) ^ 14

    14000. (1.035) ^14

    14000 x 1.6186

    A = $22661.7233

    To the nearest cent = $22,661.7
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