109k views
24 votes
1300 at 6% for 7 years?

2 Answers

7 votes

Answer:

$546

Explanation:

Use the formula:

Interest = principal(rate)(time)

I = Prt

P = 1300

r = 6%, convert to a decimal by dividing by 100 or moving the decimal two places left

t = 7

I = 1300(.06)(7)

I = 546

User Scottphc
by
7.1k points
5 votes

Answer:

$1,954.72

Explanation:

V = P ( 1 + [ r / n ] ) ^ n * t

where:V = the value of investment at the end of the time periodP = the principal amount (the initial amount invested)r = the annual interest raten = the annual frequency of compounding (how many times a year interest is added)t = the number of years the money is invested^ means raise to the power of

User Iambdot
by
6.9k points
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