Question

Hello I seem to be having trouble on this please help

Answer 1

Given:

The principal, P = $3500.

The compounded interest annually, r =8.5 % =0.085.

Teh number of years, t=7.

Aim:

We need to find the worth of the principal after 7 years.

Step-by-step explanation:

Consider the fomrula to find the worth of the pricipal.

`A=P(1+r)^t`

Substitute P =3500, r =0.085, and t =7 in the formula.

`A=3500(1+0.085)^7`
`A=6195`

Final answer:

The worth of the principal after 7 years = $ 6195.