Teresa deposited S4000 into an account with 2.6% Interest, compounded semiannually. Assuming that no withdrawals are made, how much will she have in the account after 7 years?

perlejatyh8

perlejatyh8

Answered question

2022-11-14

Teresa deposited S4000 into an account with 2.6% Interest, compounded semiannually. Assuming that no withdrawals are made, how much will she have in the account after 7 years?

Answer & Explanation

Lena Gomez

Lena Gomez

Beginner2022-11-15Added 14 answers

Solution:
giving information
P = $ 4000 r = 2.6 % n = 7  years A = P ( 1 + R / 2 100 ) 2 × 7 R / 2 = 2.6 2 = 0.13 = 4000 × ( 1 + 0.13 100 ) 14 = 4073.41837

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