The equation is for when you compound annually is
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
use your calculator
A=8961.4457
round to nearest dollar
A=$8961
that's how much the investment will be worth after 13 years
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
use your calculator
A=8961.4457
round to nearest dollar
A=$8961
that's how much the investment will be worth after 13 years
