The future value interest earned semiannually at a compound rate of 4% is $7598.89.
To calculate the future value in interest earned, we use the of compound interest
<h3>What is compound interest?</h3>
Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.
Formula:
- I = [P(1+r/100)ⁿ-P]...................... Equation 1
Where:
- I = Future interest
- P = Principle
- R = Rate
- n = Total time
From the question,
Given:
- P = $8704.56
- r = 4%
- n = 2×8 = 16 semiannually
Substitute the values above into equation 1
- I = [8704.56(1+4/100)¹⁶-8704.56]
- I = 8704.56(1.04)¹⁶-8704.56
- I = 16303.48-8704.56
- I = $7598.89
Hence, the future value interest earned is $7598.89.
Learn more about compound interest here: brainly.com/question/24924853
#SPJ1
Answer: Substitute the values given. The equation is a + 42 = b. Since a = -16 and b = 26, the equation will become -16 + 42 = 26. This equation holds true so it is correct.
Would appreciate brainliest <3
The answer is 27.2 but with your answers the closest answer would be 25.91 ft squared
Answer:
Meh
Step-by-step explanation:
Answer:
8 cars and 7 vans
Step-by-step explanation:
Let c =number of cars
v = number of vans
c+v = 15
4c+6v = 74
Multiply the first equation by -4 to eliminate c
-4c -4v = -60
Adding the second equation
-4c -4v = -60
4c+6v = 74
-------------------
2v = 14
Divide by 2
2v/2 = 14/2
v = 7
There are 7 vans
c+v = 15
c+7 = 15
c = 15-7
c = 8
There are 8 cars