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RoseWind [281]
3 years ago
8

A principal of $3100 is invested at 5.5% interest, compounded annually. How much will the investment be worth after 7 years?

Mathematics
1 answer:
Ad libitum [116K]3 years ago
6 0

Answer:

$4501.51

Step-by-step explanation:

Because you're compounding annually, which is only once per year, you can use a simple formula:

A(t)=P(1+r)^{t}

Filling in our info gives us

A(t)=3100(1+.055)^7

Do the adding inside the parenthesis and then raise 1.055 to the 7th power to get

A(t)= 3100(1.454679161)

A(t)= $4509.51

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