An investment of P=1237.50 is compounded annually with a 6.75% APR . Find the value of the investment after 5 and a half years.

Mathematics

2 answers:

Ber [7]2 years ago

5 0

Answer:

Under compound interest, not only does the principal generate interest, so does the previous accumulated interest. The future value F of P dollars compounded annually for t years with an annual percentage rate (APR) r expressed as a decimal is .

katen-ka-za [31]2 years ago

3 0

Answer:

1772.43

Step-by-step explanation:

<u>Given:</u>

Principal P = 1237.50
Interest rate r = 6.75% or 0.0675
Number of compounds n = 1
Time t = 5.5 years

<u>Find the total:</u>

$A = P(1 + r/n)^{nt}$
$A = 1237.5*(1+0.0675)^{5.5} = 1772.43$

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