Write an expression that would calculated the value of the following account after 14 years: $8100 is invested at an APR of 4.8%

Question

frozen [14]

2 years ago

12

Write an expression that would calculated the value of the following account after 14 years: $8100 is invested at an APR of 4.8%

compounded semiannually (twice per year).

Mathematics

1 answer:

Blizzard [7] · Answer 1 · 2022-09-02T23:14:47+03:00

Answer:

$8100·1.024^28

Step-by-step explanation:

The future value formula is ...

FV = P(1 +r/n)^(nt)

where P is the principal invested, r is the annual interest rate, n is the number of times per year interest is compounded and t is the number of years. Putting the given numbers in place of the corresponding variables gives the expression you want:

FV = $8100(1 +.048/2)^(2·14)

FV = $8100·1.024^28 . . . . . simplified