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kakasveta [241]
3 years ago
14

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? a. $341.08 c. $1600 b. $426.63 d. $0
Mathematics
2 answers:
AveGali [126]3 years ago
6 0
Total = Principal * ((1 + rate/n)^(n*years)
Total = 3,000 * (1.04)^20
Total = 3,000 *<span> <span> <span> 2.191123143 </span> = </span></span> <span> <span> <span> 6,573.37</span></span></span>
So, he will have to add (7,000 - <span>6,573.37) =
$ 426.63
answer is b
Here's a calculator to check your work http://www.1728.org/compint.htm
</span>
iren [92.7K]3 years ago
5 0

Answer: He need 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,

A=P(1+\frac{r/2}{100})^{2t}

=3000(1+\frac{8/2}{100})^{20}

=3000(1+\frac{4}{100})^{20}

=3000(1+0.04)^{20}

3000\times (1.04)^{20}

=3000\times 2.19112314303=\$ 6573.3694291

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

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

⇒ Option B is correct.

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