The total amount which will be in Nigel's account after 14 years is $9748.79.
What is compound interest?
Compound interest is the interest you earn on interest.
Principal amount P= $7000
It is given that interest is compounded semiannually
So it will be compounded 28 times in 14 years.
Formulae for compound interest is
[tex]A=P(1+\frac{R}{100} )^N[/tex]
Where A is the amount after N years
P is the principal amount
R is the rate
So, the total amount after 14 years
[tex]A = 7000( 1+\frac{2.38}{100})^28[/tex] = $9748.79
Therefore, the total amount in Nigel's account after 14 years is $9748.79.
To get more about compound interest refer to the link,
https://brainly.com/question/24274034
