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A principal of $1500 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 14 years?

A principal of $1500 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 14 years?
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2 votes
A principal of $1500 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 14 years?

asked
User Alkino
by
8.5k points

1 Answer

4 votes
Using formula: P*[1+(r/100)]^t
where:
P = $1500
t = 14
r = 7.25%

Gives you: $3996.257562
> $3996.26 (nearest cent)
answered
User Virender
by
8.1k points
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