Question

A principal of $2300 is invested at 6.5% interest, compounded annually. How much will the investment be worth after 13 years

Answer 1

Answer:$5215.25

Explanation:

Principal(p)=$2300

rate(r)=6.5%

time(n)=13years

amount =p(1+r/100)^n

Amount=2300 x (1+6.5/100)^13

Amount=2300x(1+0.065)^13

Amount=2300x(1.065)^13

Amount =2300 x 2.2675

Amount =5215.25