Evaluate the following expression for P=7000, r=11%, k=2, and n=21.

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asked Oct 25, 2023 19.6k views

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Prakash Boda · Answer 1 · 2023-10-31T09:12:12+0000

Answer:

Step-by-step explanation: We have to evaluate the expression at the specified values of the variables:

Expression is:

And the value of the variables are:

$\begin{gathered} P=7000 \\ r=\text{ 11\% }\Rightarrow0.11 \\ k=2 \\ n=21 \end{gathered}$

Therefore the value of the expression is:

$\begin{gathered} P(1+(r)/(k))^(kn)\Rightarrow(7000)*(1+(0.11)/(2))^((2*21))=(7000)*(1+0.055)^(42) \\ =(7000)*(1.055)^(42)=(7000)*(9.47552549815495445665673..)=66328.67848708468119659712548.\text{.} \\ \text{ Round to two decimal places} \\ =66328.68 \end{gathered}$

Evaluate the following expression for P=7000, r=11%, k=2, and n=21.

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