SOLUTION: use the compound interest formula to determine the final value of the given amount. show work $14,000 at 10% compounded semiannually for 4 years

Question 968696: use the compound interest formula to determine the final value of the given amount. show work
$14,000 at 10% compounded semiannually for 4 years

Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
use the compound interest formula to determine the final value of the given amount. show work .$14,000 at 10% compounded semiannually for 4 years
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Compound Interest Formula: A=P(1+r/n)^nt, P=initial investment, r=interest rate, n=number of compounding periods per year, A=amt after t-years.
For given problem:
P=14000
r=10%
n=2
t=4
A=14000(1+.10/2)^2*4)
A=14000(1+.05)^8
A=14000(1.05)^8
A=20,684.38
final value of the given amount≈$20,684
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