Question

A principal of $3200 is invested at 3.25% interest, compounded annually. How much will the investment be worth after 14 years?

Answer 1

A=p(1+r)^t
A=3,200×(1+0.0325)^(14)
A=5,007.38

Answer 2

Hey!

Hope this helps...

~~~~~~~~~~~~~~~~~~~~~~~

Updated!!! ~ Sorry for the miscalculations before...

To do this, is simple calculations, but I will show you every step, so that if you have a question like this in the future, you will know how to do this...

(3200*0.0325)*14 = x

104*14 = x

x = $1456 will be the ending investment after 14 years.

3200+1456 = $4656 is what the Total Investment is worth after 14 years