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Catelyn invested 7000 in an account that earns 5.6% interest compounded annaully

the furomula for compound interest is A(t)=p(1+i)t

User Reimus Klinsman
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2 Answers

23 votes
23 votes

Answer: 392

Explanation:

7000 x 5.6%

User Nuno Santos
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19 votes
19 votes
To calculate the amount of interest that Catelyn's investment will earn over a certain period of time, you can use the compound interest formula: A(t) = p(1 + i)^t, where A(t) is the amount of the investment after t years, p is the initial amount of the investment, and i is the interest rate.

For example, if Catelyn invests $7,000 at an interest rate of 5.6% compounded annually, the amount of interest earned after 1 year can be calculated as follows:

A(1) = $7,000(1 + 0.056)^1 = $7,392

This means that after 1 year, Catelyn's investment will be worth $7,392, including the interest earned.
User Kris Markel
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