Please Help ASAP!!! Question in image below.
1 answer:
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Answer:
Step-by-step explanation:
A=b^2+2bh
b = 3
A = 3^2 + 2(3)h
A = 9 + 6h
6h = A - 9
Given:
Principal = $14000
Rate of interest = 10% compounded semiannually.
Time = 11 years.
To find:
The accumulated value of the given investment.
Solution:
Formula for amount or accumulated value after compound interest is:
Where, P is the principal values, r is the rate of interest in decimal, n is the number of times interest compounded in an year and t is the number of years.
Compounded semiannually means interest compounded 2 times in an years.
Putting in the above formula, we get
Therefore, the accumulated value of the given investment is $40953.65.