After 6 years the investment is $5555.88
Step-by-step explanation:
A principal of $3600 is invested at 7.5% interest, compounded annually. How much will the investment be worth after 6 years?
The formula used to find future value is:
![A(t)=P(1+\frac{r}{n})^{nt}](https://tex.z-dn.net/?f=A%28t%29%3DP%281%2B%5Cfrac%7Br%7D%7Bn%7D%29%5E%7Bnt%7D)
where A(t) = Accumulated amount
P = Principal Amount
r = annual rate
t= time
n= compounding periods per year
We are given:
P = $3600
r = 7.5 %
t = 6
n = 1
Putting values in formula:
![A(t)=P(1+\frac{r}{n})^{nt}\\A(t)=3600(1+\frac{0.075}{1})^{6*1}\\A(t)=3600(\frac{1.075}{1})^6\\A(t)=3600(1.075)^6\\A(t)=3600(1.543)\\A(t)=5555.88](https://tex.z-dn.net/?f=A%28t%29%3DP%281%2B%5Cfrac%7Br%7D%7Bn%7D%29%5E%7Bnt%7D%5C%5CA%28t%29%3D3600%281%2B%5Cfrac%7B0.075%7D%7B1%7D%29%5E%7B6%2A1%7D%5C%5CA%28t%29%3D3600%28%5Cfrac%7B1.075%7D%7B1%7D%29%5E6%5C%5CA%28t%29%3D3600%281.075%29%5E6%5C%5CA%28t%29%3D3600%281.543%29%5C%5CA%28t%29%3D5555.88)
So, After 6 years the investment is $5555.88
Keywords: Compound Interest formula
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Answer:
10^5
Step-by-step explanation:
552/6= 92, meaning 92 boxes times the price of 50 would come out to be 4600.
Answer:
i have no clue
Step-by-step explanation:
idk