The balance after 7 years is $11726.12
How to determine the balance in 7 years?
The given parameters are:
- Principal, P = 8000
- Interest rate, r = 5.5%
- Number of times compounded, n = 4
- Time, t = 7
The amount is calculated as:
[tex]A = P(1 + \frac rn)^{nt}[/tex]
So, we have
[tex]A = 8000 * (1 + \frac {5.5\%}4)^{4 * 7}[/tex]
Evaluate the expression
A = 11726.12
Hence, the balance after 7 years is $11726.12
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