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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.

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  1. Nnesha
    • one year ago
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    do you know the formula ?

  2. anonymous
    • one year ago
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    no i need help setting it up @Nnesha

  3. anonymous
    • one year ago
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    do i plug it in @RagingSquirrel

  4. RagingSquirrel
    • one year ago
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    Oh. r= annual interest rate

  5. RagingSquirrel
    • one year ago
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    Yes. Do you need help plugging the numbers in?

  6. anonymous
    • one year ago
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    yes it would be really helpful @RagingSquirrel

  7. phi
    • one year ago
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    I = Prt is simple interest. But you want compound interest

  8. Nnesha
    • one year ago
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    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
    • one year ago
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    compounded annually so n would be one

  10. anonymous
    • one year ago
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    i dont knw how to plug the numbers in @phi @Nnesha

  11. Nnesha
    • one year ago
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    P = what in ur question r= what ? divide by 100 bec we need in decimal t = number of years

  12. anonymous
    • one year ago
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    p=3300 r=6.5? t=14

  13. RagingSquirrel
    • one year ago
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    Convert 6.5% to a decimal. To do that, just move the decimal point two places. 0.065

  14. Nnesha
    • one year ago
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    right but r = 6.5 percent so we need to divide it by 100 and n =1 so plugin

  15. anonymous
    • one year ago
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    ok so what do I put for the t outside the parenthesis @Nnesha @RagingSquirrel

  16. anonymous
    • one year ago
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    the 14 @Nnesha

  17. Nnesha
    • one year ago
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    \[\large\rm A=P(1+ \frac{ r }{ n })^t\] p= 3300 t= 14 n=1 solve for A

  18. Nnesha
    • one year ago
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    yes right

  19. anonymous
    • one year ago
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    ok im solving it now giv me a sec @Nnesha

  20. Nnesha
    • one year ago
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    sure take ur time!

  21. anonymous
    • one year ago
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    A= 7969.08 @Nnesha

  22. anonymous
    • one year ago
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    is that correct @Nnesha

  23. Nnesha
    • one year ago
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    yes right looks right `round your answer nearest dollar`

  24. anonymous
    • one year ago
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    thank you so much!!!!!! @Nnesha

  25. Nnesha
    • one year ago
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    np don't forget to round it!!

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