19/11.4 Show your work please

Mathematics

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xxTIMURxx [149]3 years ago

3 0

Answer:???

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Easy question help fast please

zubka84 [21]

Answer:

<BOC = 100*

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2 years ago

$7000 is compounded semiannually at a rate of 11% for 21years Find the total amount and round to the nearest cent

photoshop1234 [79]

$\text{Given that }\$7000 \text{ is compounded semiannualy at a rate of }11\% \text{ for 21 years}\\
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\text{we know that the amount after t year when compounded is given by}\\
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A=P\left ( 1+\frac{r}{n} \right )^{nt}\\
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\text{here P is the principal amoount, so }P=7000,\\
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\text{r is the interest rate, }r=11\%=0.11\\
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\text{n is the number of times in a year, here semiannulay, so }n=2,\\
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\text{and t is the time, so }t=21\\
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\text{so the amount after 21 years is}$

$A=7000\left ( 1+\frac{0.11}{2} \right )^{2(21)}\\
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\Rightarrow A=7000\left ( 1+0.055 \right )^{42}\\
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\Rightarrow A=7000\left ( 1.055 \right )^{42}\\
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\Rightarrow A\approx 66328.68$