Answer:
$18,087.23
Step-by-step explanation:
The future worth of the loan in 7 years compounded semiannually is computed as shown below using the future value formula adjusted for semiannual compounding:
FV=PV*(1+r/2)^n*2
FV is the worth of the loan in 7 years which is unknown
PV is the actual amount of loan which is $8,000
r is the rate of interest of 12%
n is the number of years of the loan which is 7 years
the 2 is to show that interest is computed twice a year
FV=8000*(1+12%/2)^7*2
FV=8000*(1+6%)^14
FV=8000*1.06^14=$18,087.23
Solution
621 ÷ 7 = n
621 ÷ 7 = <span>88.7142857143
</span>
n = 88.7142857143
Answer = 88.7142857143
Rounded = 88.7
Well first following pemdas we do 3 to the 2nd power so 3*3 = 9
then we do 9 * 2 = 18
then our problem looks like this 1 + 18 - 5
so 1 +18 = 19
then 19 - 5 = 14 so our answer is 14
