The total amount that will be in Nigel's account after 14 years is $9,748.79
Compound interest is the interest calculated on the principal and the interest accumulated over the previous period.
Principal amount P
= $7000
Since interest is compounded semiannually,
Then, t will be compounded 28 times in 14 years.
Formula for compound interest is
= P ( 1 + R / 100 )^N
Where
A is the amount after N years
P is the principal amount
R is the rate
So, the total amount after 14 years
= 7,000 ( 1 + 2.38 / 100 ) ^ 28
= $9,748.79
Hence, the total amount in Nigel's account after 14 years is $9,748.79.
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