After 14 years, the investment will be worth $ 2,306.72.
Given that an investment has a $ 1000 principal, 6% annual interest, 6 interest periods and 14 years of investment, to determine, after 14 years, how much the investment will be worth, the following calculation must be performed:
- 1000 x (1 + 0.06 / 6) ^ 14x6 = X
- 1000 x 1.01 ^ 84 = X
- 1000 x 2.3067 = X
- 2,306.72 = X
Therefore, after 14 years, the investment will be worth $ 2,306.72.
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Answer:
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Answer:
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Hi there
The formula is
I=prt
P principle 14300
R interest rate 7+1/2=7.5%
T time 4 years
I=14,300×0.075×4
I=4,290
Hope it helps