Question

If 9100 dollars is invested at an interest rate of 8 percent per year, find the value of the investment at the end of 5 years for the following compounding methods.

Answer 1

Explanation:

$9100x(1+8%)*5-9100

=$4270.885

=$4271 (cor. to the nearest integer)

The interest is $4271 while the amount is 13371