Question

Evaluate the following expression for P=7000, r=10%, k=2, and n=21.

Answer 1

The expression given in the question is

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

Where,

`\begin{gathered} P=7000 \\ r=10\text{ \%}=(10)/(100)=0.1 \\ k=2 \\ n=21 \end{gathered}`

By substituting the values, we will have

`\begin{gathered} P(1+(r)/(k))^(kn) \\ =7000(1+(0.1)/(2))^(2*21) \\ =7000(1+0.05)^(42) \end{gathered}`

By simplifying further, we will have

`\begin{gathered} 7000(1+0.05)^(42) \\ =7000(1.05)^(42) \\ =7000*7.761587555 \\ =54,331.11 \end{gathered}`

Therefore,

The final answer is = 54,331.11