Aprincipal of $7000 is invested in an account paying an annual rate of 7%. find the amount in the account after 5 years if the account is compounded semiannually, quarterly, and monthly. (a) the amount in the account after 5 years if the account is compounded semiannually is? (round to the nearest cent.)

Find the amount in the account after 5 years if the account is compounded semiannually, quarterly, and monthly.
 
your equation is:
 f = p * (1 + (i/c))^(n*c)
 f = future value
 p = present value
 i = annual interest rate
 c = number of compound intervals per year
 n = number of years. 

 your principal is 7000.
 your annual interest rate is 7%
 you want to find the amount in the account after 5 years.
 money is compounded semi-annually, quarterly, and monthly. 

 money is compounded semi-annually:
 p = 7000
 i = .07 (annual interest rate percent divided by 100%).
 n = 5
 c = 2
 i/c = .07/2 = .035
 n*c = 5*2 = 10
 formula becomes:
 f = 7000 * (1.035)^10 = 9874.19

 money is compounded quarterly:
 p = 7000
 i = .07 (annual interest rate percent divided by 100%).
 n = 5
 c = 4
 i/c = .05/4 =  0.0125
 n*c = 5*4 = 20
 formula becomes:
 f = 7000 * (1.0125)^20 = 8974.26

 money is compounded monthly:
 p = 7000
 i = .07 (annual interest rate percent divided by 100%).
 n = 5
 c = 12
 i/c = .07/12 =  0.005
 n*c = 5*12 = 60
 formula becomes:
 f = 7000 * (1.005)^60 = 9441.95

 (a) The amount in the account after 5 years if the account is compounded semiannually is? (Round to the nearest cent.)

 money is compounded semi-annually:
 p = 7000
 i = .07 (annual interest rate percent divided by 100%).
 n = 5
 c = 2
 i/c = .07/2 = .035
 n*c = 5*2 = 10
 formula becomes:
 f = 7000 * (1.035)^10 = 9874.19

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