SOLUTION: how much money will there be in an account at the end of five years if $14000 is deposited at 4% interest compounded semi-annaully? ( assume no withdrawls are made.)

Question 371331: how much money will there be in an account at the end of five years if $14000 is deposited at 4% interest compounded semi-annaully? ( assume no withdrawls are made.)
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
how much money will there be in an account at the end of five years if $14000 is deposited at 4% interest compounded semi-annually? ( assume no withdrawals are made.)
:
Use the compound interest formula
A =
Where
A = the resulting amt after t years
p = initial amt (14000)
r = interest rate in decimals (.04
n = no. of times compounded per year (2)
t = no. of yrs (5)
:
A =
A =
A =
A = $17,065.92

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