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A principal is $3100 is invested at 8.25 % interest, compounded annually. how much will the investment be worth after 14 years

A principal is $3100 is invested at 8.25 % interest, compounded annually. how much will the investment be worth after 14 years
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a principal is $3100 is invested at 8.25 % interest, compounded annually. how much will the investment be worth after 14 years

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User Jane Sales
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1 Answer

4 votes
The equation is y=a(1+r)^t

A is the principal
R is the rate
T is time
Y is the total

Y=3100(1+0.0825)^14

Y =9404.86
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User Invis
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8.5k points
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