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?

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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?

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Suppose $10,000 is invested at an annual rate of $\displaystyle{2.4}\%$ for 10 years. Find the future value if interest is compounded as follows

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Answer 1

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

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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?

Answers (1)

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