Jacob invest $5,838 in a savings account with a fixed annual rate of 4% compounded 2 times per year. What will the account balance be after

Question

Jacob invest $5,838 in a savings account with a fixed annual rate of 4% compounded 2 times per year. What will the account balance be after 8 years?

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Margaret 4 weeks 2021-12-28T21:57:40+00:00 2 Answers 0 views 0

Answers ( )

    0
    2021-12-28T21:59:09+00:00

    Answer:

    The account balance will be $8,014.32

    Step-by-step explanation:

    To calculate the future value of a certain amount invested and compounded periodically, the following formula is used:

    FV= PV{(1+\frac{r}{n})^{n*t }

    where:

    FV = Future value = ???

    PV = Present value = $5,838

    r = interest rate in decimal = 4% = 0.04

    n = number of compounding period per year = 2

    t = time in years

    FV= 5,838{(1+\frac{0.04}{2})^{2*8 }

    FV= 5,838{(1+(0.02))^{16 }

    FV= 5,838 * 5,838 = 8,014.32

    FV = $8,014.32

    0
    2021-12-28T21:59:19+00:00

    Answer:

    Am sorry, I have no idea

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45:7+7-4:2-5:5*4+35:2 =? ( )