How long will it take to earn $568.75 in interest if $2500 is invested at a 6.5% annual interest rate
2 answers:
You might be interested in
The formula required is:
where A is the amount after t years of the principal P invested at an annual interest rate r (expressed as a decimal fraction) compounded n times per year.
Plugging in the given values, we get:
The final amount is $22,096.17
where A is the amount after t years of the principal P invested at an annual interest rate r (expressed as a decimal fraction) compounded n times per year.
Plugging in the given values, we get:
The final amount is $22,096.17