Please help me.....!!!!!
2 answers:
The value of the investment of $2500 for 3 years will be $3703.86.
<h3>What is compound interest?</h3>
Compound interest is applicable when there will be a change in principle amount after the given time period.
For instance, if you give someone $500 at a 10% yearly rate, $500 is considered your primary sum. After a year, the interest will be $50, making the principle amount $550. Moving forward, the interest will be $550 rather than $500.
Given,
Principle amount (P) = $2500
Rate of interest (R) = 14%.
Time period (T) = 3 years.
Compound interest formula
A = P
So,
A = 2500[1 + 14/100]³
A = $3703.86
Hence the investment of $2500 at a rate of 14% for 3 years will be $3703.86.
For more information about compound interest
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