## anonymous one year ago A principal of \$3300 is invested at 6.5% interest, compounded annually. How much will the investment be worth after 14 years? Use the calculator provided and round your answer to the nearest dollar.

1. Nnesha

do you know the formula ?

2. anonymous

no i need help setting it up @Nnesha

3. anonymous

do i plug it in @RagingSquirrel

4. RagingSquirrel

Oh. r= annual interest rate

5. RagingSquirrel

Yes. Do you need help plugging the numbers in?

6. anonymous

yes it would be really helpful @RagingSquirrel

7. phi

I = Prt is simple interest. But you want compound interest

8. Nnesha

alright the formula is $\large\rm A=P(1+ \frac{ r }{ n })^t$ p=principal (initial amount ) r=annual rate (we need in decimal so r/100) t= number of years A= amount after t years

9. Nnesha

compounded annually so n would be one

10. anonymous

i dont knw how to plug the numbers in @phi @Nnesha

11. Nnesha

P = what in ur question r= what ? divide by 100 bec we need in decimal t = number of years

12. anonymous

p=3300 r=6.5? t=14

13. RagingSquirrel

Convert 6.5% to a decimal. To do that, just move the decimal point two places. 0.065

14. Nnesha

right but r = 6.5 percent so we need to divide it by 100 and n =1 so plugin

15. anonymous

ok so what do I put for the t outside the parenthesis @Nnesha @RagingSquirrel

16. anonymous

the 14 @Nnesha

17. Nnesha

$\large\rm A=P(1+ \frac{ r }{ n })^t$ p= 3300 t= 14 n=1 solve for A

18. Nnesha

yes right

19. anonymous

ok im solving it now giv me a sec @Nnesha

20. Nnesha

sure take ur time!

21. anonymous

A= 7969.08 @Nnesha

22. anonymous

is that correct @Nnesha

23. Nnesha

yes right looks right round your answer nearest dollar

24. anonymous

thank you so much!!!!!! @Nnesha

25. Nnesha

np don't forget to round it!!