Given rate is = 7% or 0.07
Total amount needed = $12000
Time = 4 years
Here, the deposit is compounded semiannually, means twice per year and this gives 8 annual compounding periods in 4 years.
The equation becomes:
P=
P =
Solving it, we get P = $ 9112.93
Hence $9112.93 should be deposited today.
1. 9.355 × can be used to express the age of the dinosaur fossil.
Step-by-step explanation:
Step 1; To determine which value is the closest to 93,550,000 we must calculate how much the 4 options equal. If there are decimals in the number, they are moved from the decimal part of the number to the integer part with every power of 10 i.e. 2.4 × 10 = 24, 2.44 × 10² = 244.
Step 2; Now we determine how much the 4 options equal.
1. 9.355 × = 93,550,000.
2. 9 × = 90,000,000.
3. 9.36 × = 93,600,000.
4. 9.3 × = 93,000,000.
Out of the four options, option 1 equals the value of 93,550,000. So option 1 can be used to express the age with the highest precision.