How much money will there be in an account at the end of 7 years if $14000 is deposited at 7% compounded

semi-annually?

The amount after 7 years will be $

(Round to the nearest cent.)

Answer: A = $22,661.7

Step-by-step explanation:

Formular for compound interest is

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

Where P is the Principal given as $14000

R is rate given as 7% = 7/100 = 0.07

T is the time given as 7years

n is semi-annual, then n = 2

Slot the values into the formula

A = 14000 (1 + 0.07/2) ^ 2 x 7

14000. (1 + 0.035) ^ 14

14000. (1.035) ^14

14000 x 1.6186

A = $22661.7233

To the nearest cent = $22,661.7