Intermediate Algebra (6th Edition)

Published by Pearson
ISBN 10: 0321785045
ISBN 13: 978-0-32178-504-6

Chapter 9 - Review - Page 596: 41

Answer

$2963.11

Work Step by Step

We are asked to find the amount of interest accrued. Using the given numbers, we find: $$A=1600(1+.09/2)^{2*7}$$ $$A=1600(1+.09/2)^{14}$$ Then, follow PEMDAS. In other words, first address parentheses, and then resolve exponents. Next, simplify division and multiplication, and lastly address subtraction and addition. 2963.11 dollars
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