Question

A principal of $1500 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 14 years?

Answer 1

Using formula: P*[1+(r/100)]^t
where:
P = $1500
t = 14
r = 7.25%

Gives you: $3996.257562
> $3996.26 (nearest cent)