Question

A principal of $3800 is invested at 6.75% interest, compound annually. How much will the investment worth after 9 years?

Answer 1

$6840.60

Explanation:

formula od compound interest A= P (1 =r/n)ⁿ⁹

where n=1 when it is compunded annually and t= 9 years

A= 3800(1+6.75/100)⁹

A= 3800 ( 1+0.0675)⁹

A= 3800(1.0675)⁹

A=3800(1.800)

A= 6,840.60 $