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

Evaluate the following expression for P=7000, r=11%, k=2, and n=21.-example-1
User Golay
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1 Answer

4 votes

Answer:


=66,328.68

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

Expression is:


P(1+(r)/(k))^(kn)

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}

User Prakash Boda
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