9514 1404 393
Answer:
see attached
Step-by-step explanation:
There is no 'y'. Your problem statement has a typo.
Pick any values of x you like. I find small integers are usually convenient. I also find a spreadsheet does repetitive evaluation very nicely. See the attached for an appropriate table.
SOLUTION
Given the question in the question tab, the following are the solution steps to answer the question.
STEP 1: Write the formula for calculating compound amount
where
A = final compounded amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
STEP 2: Write the given data
Semiannually means that n will be 2
STEP 3: Calculate the compound amount
Hence, the compounded amount after 4 years is $18,748.1972