Question

Evaluate the following expression for P=8000, r=9%, k=4, and n=16.

Answer 1

Given expression:

`p(1\text{ + }(r)/(k))^(kn)`

We have :

p = 8000

r = 9%

k = 4

n = 16

Substituting into the given expression:

`=\text{ 8000}*\text{ (1 + }(0.09)/(4))^(4*16)`

Evaluating:

`\begin{gathered} =\text{ 8000 }*(1+0.0225)^(64) \\ =\text{ 8000 }*(1.0225)^(64) \\ =\text{ 33230.91155} \\ \approx\text{ 33230.91} \end{gathered}`

Answer: 33230.91