Determine the algebraic modeling How much money will there be in an account at the end of 7 years if $2000 is deposited at displaystyle{4}% interest compounded serni-annually?

Determine the algebraic modeling How much money will there be in an account at the end of 7 years if $2000 is deposited at displaystyle{4}% interest compounded serni-annually?

Question
Modeling
asked 2020-12-13
Determine the algebraic modeling How much money will there be in an account at the end of 7 years if $2000 is deposited at \(\displaystyle{4}\%\) interest compounded serni-annually?

Answers (1)

2020-12-14

Given data,
\(\displaystyle{t}={7}\) years
\(\displaystyle{P}={2000}\)
\(\displaystyle{|}><={4}\%={0},{04}\)
\(\displaystyle{n}={2}\) (semi-anually)
\(\displaystyle{A}={P}{\left({1}+\frac{{{|}><}}{{n}}\right)}^{t}{n}\)
\(\displaystyle={2000}{\left({1}+\frac{{{0},{04}}}{{2}}\right)}^{{{2}+{7}}}\)
\(\displaystyle={2000}{\left({1}+{0},{02}\right)}^{14}\)
\(\displaystyle={2638},{96}\)
We get a finally answer

\(\displaystyle{A}=\${2639}\)

The amoun \(\displaystyle{a}{\mathtt{{|}}}><{7}\) years is $ 2639

0

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