Calculate the compound amount. Use the compound amount formula and a calculator. (Round your answer to two decimal places.)
P = $1400, r = 9% compounded semiannually, t = 14 years

The formula for compound interest is:

\[
A = P \left(1 + \frac{r}{n}\right)^{nt}
\]

Where:
- $ A $ = compound amount (what we're solving for),
- $ P $ = principal amount (\$1400),
- $ r $ = annual interest rate (9% or 0.09 as a decimal),
- $ n $ = number of times the interest is compounded per year (semiannually means $ n = 2 $),
- $ t $ = number of years (14 years).

Now, plug in the values:

\[
A = 1400 \left(1 + \frac{0.09}{2}\right)^{2 \times 14}
\]
\[
A = 1400 \left(1 + 0.045\right)^{28}
\]
\[
A = 1400 \left(1.045\right)^{28}
\]

Now calculate the value:

\[
A \approx 1400 \times 3.330
\]
\[
A \approx 4662.07
\]

So, the compound amount is approximately **\$4662.07**.

Would you like more details or have any questions?

Here are 5 related questions to further your understanding:
1. How would the compound amount change if the interest rate was 10%?
2. What happens to the compound amount if the interest is compounded quarterly instead of semiannually?
3. Can you calculate the compound interest earned in this scenario?
4. How would the formula change if the interest were compounded continuously?
5. How would increasing the time period from 14 years to 20 years affect the compound amount?

**Tip**: The more frequently interest is compounded, the higher the compound amount will be.

Calculate the compound amount. Use the compound amount formula and a calculator. (Round your answer to two decimal places.) P = $1400, r = 9% compounded semiannually, t = 14 years

Learn how to calculate the compound amount for a principal of $1400 with an annual interest rate of 9%, compounded semiannually over 14 years. This solution provides a step-by-step guide using the compound interest formula A = P(1 + r/n)^(nt). The final compound amount is approximately $4662.07.

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