Answer:
[tex]=66,328.68[/tex]
Explanation: We have to evaluate the expression at the specified values of the variables:
Expression is:
[tex]P(1+\frac{r}{k})^{kn}[/tex]
And the value of the variables are:
[tex]\begin{gathered} P=7000 \\ r=\text{ 11\% }\Rightarrow0.11 \\ k=2 \\ n=21 \end{gathered}[/tex]
Therefore the value of the expression is:
[tex]\begin{gathered} P(1+\frac{r}{k})^{kn}\Rightarrow(7000)\times(1+\frac{0.11}{2})^{(2\times21)}=(7000)\times(1+0.055)^{42} \\ =(7000)\times(1.055)^{42}=(7000)\times(9.47552549815495445665673..)=66328.67848708468119659712548.\text{.} \\ \text{ Round to two decimal places} \\ =66328.68 \end{gathered}[/tex]
