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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.
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.

This Question is Closed

Nnesha
 one year ago
Best ResponseYou've already chosen the best response.1do you know the formula ?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0no i need help setting it up @Nnesha

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0do i plug it in @RagingSquirrel

RagingSquirrel
 one year ago
Best ResponseYou've already chosen the best response.0Oh. r= annual interest rate

RagingSquirrel
 one year ago
Best ResponseYou've already chosen the best response.0Yes. Do you need help plugging the numbers in?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0yes it would be really helpful @RagingSquirrel

phi
 one year ago
Best ResponseYou've already chosen the best response.0I = Prt is simple interest. But you want compound interest

Nnesha
 one year ago
Best ResponseYou've already chosen the best response.1alright 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
 one year ago
Best ResponseYou've already chosen the best response.1compounded annually so n would be one

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0i dont knw how to plug the numbers in @phi @Nnesha

Nnesha
 one year ago
Best ResponseYou've already chosen the best response.1P = what in ur question r= what ? divide by 100 bec we need in decimal t = number of years

RagingSquirrel
 one year ago
Best ResponseYou've already chosen the best response.0Convert 6.5% to a decimal. To do that, just move the decimal point two places. 0.065

Nnesha
 one year ago
Best ResponseYou've already chosen the best response.1right but r = 6.5 percent so we need to divide it by 100 and n =1 so plugin

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0ok so what do I put for the t outside the parenthesis @Nnesha @RagingSquirrel

Nnesha
 one year ago
Best ResponseYou've already chosen the best response.1\[\large\rm A=P(1+ \frac{ r }{ n })^t\] p= 3300 t= 14 n=1 solve for A

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0ok im solving it now giv me a sec @Nnesha

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0is that correct @Nnesha

Nnesha
 one year ago
Best ResponseYou've already chosen the best response.1yes right looks right `round your answer nearest dollar`

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0thank you so much!!!!!! @Nnesha

Nnesha
 one year ago
Best ResponseYou've already chosen the best response.1np don't forget to round it!!
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