Answer:
$11,046 to make $14,000 in 6 years with a 4.5% interest rate.
Explanation:
Setting A equal to $14,000, r equal to 4.5%, expressed as a decimal (0.045), n equal to 1 (because the interest is compounded annually), and t equal to 6, we can solve for P:
P = A / (1 + r/n)^(nt)
P = $14,000 / (1 + 0.045)^(6)
P = $11,045.96
A is the amount you'll have at the end of the investment period,
P is the initial principal (the amount you're investing),
r is the annual interest rate (as a decimal),
n is the number of times the interest is compounded per year,
t is the number of years the investment is made.