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?

Joni Kenny 2020-12-13 Answered
Determine the algebraic modeling How much money will there be in an account at the end of 7 years if $2000 is deposited at 4% interest compounded serni-annually?
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Expert Answer

comentezq
Answered 2020-12-14 Author has 106 answers

Given data,
t=7 years
P=2000
|><=4%=0,04
n=2 (semi-anually)
A=P(1+|><n)tn
=2000(1+0,042)2+7
=2000(1+0,02)14
=2638,96
We get a finally answer

A=$2639

The amoun a|><7 years is $ 2639

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Jeffrey Jordon
Answered 2021-11-03 Author has 2064 answers

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