Answer: A= $22,661.7
Step-by-step explanation:
Formular for compound interest is
A= P ( 1+r/n) ^ nt
Where P is the Principal given as $14000
R is rate given as 7% = 7/100 = 0.07
T is the time given as 7years
n is semi-annual, then n =2
Slot the values into the formula
A = 14000 (1 + 0.07/2) ^ 2 x 7
14000. ( 1 + 0.035) ^ 14
14000. (1.035)^14
14000 x 1.6186
A= $22661.7233
To the nearest cent = $22,661.7
