A principal of $3800 is invested at 3.75% Interest, compounded annually. How much will the investment be worth after 6 years?
1 answer:
Answer:
Step-by-step explanation:
Simple interest formula: i = prt
i = interest
p = principle amount
r = rate
t = time (in years)
Substitute the numbers given in the problem.
i = $3800x0.0375x6
i = $855
In order to find the total investment, add the interest ($855) to the principle amount ($8500)
$855 + $8500 = $9355
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