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Leona [35]
3 years ago
7

Brian wants to have $7000 in the bank in 10 years. He deposits $3000 today at 8% interest compounded semiannually,After keeping

the money in the bank for 10 years, how much more money will he need to add to his account to reach the desired balance of $7000?
Mathematics
1 answer:
Arte-miy333 [17]3 years ago
8 0

Answer:

He needs to add approximately $ 426.63 to his account to reach the desired balance of  $7000.

Step-by-step explanation:

Here, the principal amount, P = $ 3000,

Semiannual rate of interest, r = 8 %

Time, t = 10 years,

Hence, the amount after 10 years, which is compounded with the semiannual rate of 8% for 10 years,

Thus, the amount, need to add in the balance to reach the amount of $ 7000 = 7000 - 6573.3694291 = 426.6305709 ≈ $ 426.63

⇒ He needs to add approximately $ 426.63 to his account to reach the desired balance of  $7000

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