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4 years ago

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A principal of $3500 is invested at 7.5% interest, compounded annually. How much will the investment be worth after 13 years? Us

e the calculator provided and round your answer to the nearest dollar.

1 answer:

Anna71 [15]4 years ago

7 0

The equation is for when you compound annually is
$A=P(1+r)^t$

A=future amount
P=initial amount or principal
r=interest rate in decimal form
t=time in years

so
A=A
P=3500
r=7.5%=0.075
t=13

$A=3500(1+0.075)^{13}$
$A=3500(1.075)^{13}$
use your calculator
A=8961.4457
round to nearest dollar
A=$8961

that's how much the investment will be worth after 13 years

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yaroslaw [1]

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Hi student, let me help you out! :)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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