anonymous
  • anonymous
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.
Mathematics
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SOLVED
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schrodinger
  • schrodinger
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Nnesha
  • Nnesha
do you know the formula ?
anonymous
  • anonymous
no i need help setting it up @Nnesha
anonymous
  • anonymous
do i plug it in @RagingSquirrel

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More answers

RagingSquirrel
  • RagingSquirrel
Oh. r= annual interest rate
RagingSquirrel
  • RagingSquirrel
Yes. Do you need help plugging the numbers in?
anonymous
  • anonymous
yes it would be really helpful @RagingSquirrel
phi
  • phi
I = Prt is simple interest. But you want compound interest
Nnesha
  • 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
Nnesha
  • Nnesha
compounded annually so n would be one
anonymous
  • anonymous
i dont knw how to plug the numbers in @phi @Nnesha
Nnesha
  • Nnesha
P = what in ur question r= what ? divide by 100 bec we need in decimal t = number of years
anonymous
  • anonymous
p=3300 r=6.5? t=14
RagingSquirrel
  • RagingSquirrel
Convert 6.5% to a decimal. To do that, just move the decimal point two places. 0.065
Nnesha
  • Nnesha
right but r = 6.5 percent so we need to divide it by 100 and n =1 so plugin
anonymous
  • anonymous
ok so what do I put for the t outside the parenthesis @Nnesha @RagingSquirrel
anonymous
  • anonymous
the 14 @Nnesha
Nnesha
  • Nnesha
\[\large\rm A=P(1+ \frac{ r }{ n })^t\] p= 3300 t= 14 n=1 solve for A
Nnesha
  • Nnesha
yes right
anonymous
  • anonymous
ok im solving it now giv me a sec @Nnesha
Nnesha
  • Nnesha
sure take ur time!
anonymous
  • anonymous
A= 7969.08 @Nnesha
anonymous
  • anonymous
is that correct @Nnesha
Nnesha
  • Nnesha
yes right looks right `round your answer nearest dollar`
anonymous
  • anonymous
thank you so much!!!!!! @Nnesha
Nnesha
  • Nnesha
np don't forget to round it!!

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