Question
b) Find the amount of ₵400,000 at 7% capitalized semiannually in 7 years.
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Answer to a math question b) Find the amount of ₵400,000 at 7% capitalized semiannually in 7 years.
Dexter
4.7101 Answers
Given:
P = ₵400000
Annual interest rate of 7%, compounded semiannually: r = 0.07 n = 2
Time period = 7 years: t = 7
Step 1: Identify the formula A = P \left(1 + \frac{r}{n}\right)^{nt}
Step 2: Substitute the known values into the formula:
A = 400000 \left(1 + \frac{0.07}{2}\right)^{2 \cdot 7}
Step 3: Simplify inside the parentheses:
A = 400000 \left(1 + 0.035\right)^{14}
A = 400000 \left(1.035\right)^{14}
A\approx647477.81
Therefore, the final amount is:
A\approx647477.81
Annual interest rate of 7%, compounded semiannually:
Time period = 7 years:
Step 1: Identify the formula
Step 2: Substitute the known values into the formula:
Step 3: Simplify inside the parentheses:
Therefore, the final amount is:
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