A principal of $2600is invested at 6.75% interest, compounded annually. How much will the investment be worth after 14 years

Question

asked Nov 3, 2021 27.9k views

1 Answer

Blahblah · Answer 1 · 2021-11-10T04:11:38+0000

Answer:

$6488.19

Explanation:

To solve this problem we use the compounded interest formula:

$amount = principal(1 + (r \\))^({n}{t})$

a = $2600(1+(0.0675/1))¹*¹⁴

a = $6488.19