Question

A principal of $2600is invested at 6.75% interest, compounded annually. How much will the investment be worth after 14 years

Answer 1

Answer:

$6488.19

Step-by-step explanation:

To solve this problem we use the compounded interest formula:

$amount = principal(1 + (r \n))^({n}{t})$

a = $2600(1+(0.0675/1))¹*¹⁴

a = $6488.19