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Kipish [7]
3 years ago
11

Find the balance of $7,000 deposited at 4% compounded semi-annually for 2 years

Mathematics
1 answer:
Rufina [12.5K]3 years ago
5 0

Answer:

The balance will be $7,577.03.

Step-by-step explanation:

The compound interest formula is given by:

A = P(1 + \frac{r}{n})^{nt}

Where A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.

In this problem, we have that:

P = 7000, r = 0.04

Semianually means twice a year, so n = 2

We want to find A when t = 2.

So

A = P(1 + \frac{r}{n})^{nt}

A = 7000(1 + \frac{0.04}{2})^{2*2}

A = 7577.03

The balance will be $7,577.03.

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