What is the future value if $8400 is invested for 13 years at 8% compounded semiannually? (Round your answer to the nearest cent.) $
What is the future value if $8400 is invested for 13 years at 8% compounded semiannually? (Round your answer to the nearest cent.) $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
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Expert Solution
Step 1
Given that
Invested amount (P)= $8400
Time = 13 years
Interest rate = 8% = 0.08
Annual compounds
n=2 ( Semi annually)
We have a formula
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